Business / Economy

China regrets WTO trade deal failure

(Xinhua) Updated: 2014-08-18 16:32

BEIJING - China on Monday voiced regret over the failure of World Trade Organization (WTO) members to finalize a deal on "trade facilitation," saying it would have a negative impact on the multilateral trade system and Doha Round talks.

Speaking at a regular press conference, Shen Danyang, the spokesman of the Chinese Ministry of Commerce, said China, as a firm supporter of a multilateral trade system, hopes WTO members can narrow their difference and find a solution.

Shen's remarks came more than two weeks after India's demands for concessions on agricultural stockpiling led to the collapse of the first major global trade reform pact in two decades.

The pact, agreed to at talks in Bali last December, was the first multilateral trade accord between WTO members since the organization was established 19 years ago.

The spokesman called on all WTO members to help implement the Bali talks agreement in a comprehensive and balanced way.

All members should stick to the Doha Round's goal in order to create a balanced and feasible work plan to complete the talks by the end of this year, he said.

China regrets WTO trade deal failure

China regrets WTO trade deal failure

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