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4 points proposed to address distortions in trade
Updated: 2004-06-16 14:38

Various distortions in the existing international trading system are hampering the development of most developing countries, Chinese Assistant Minister of Commerce Yi Xiaozhun said in Sao Paulo, Brazil on Tuesday.

"It is the shared aspiration and responsibility of the international community to take full advantage of the opportunities and to cope effectively with the challenges brought about by globalization," said Yi, who is also the head of the Chinese delegation to the 11th session of the United Nations Conference on Trade and Development (UNCTAD).

Yi, on behalf of the Chinese government, proposed the following four points to address the problems in the multilateral trading system:

Firstly, in the process of globalization, diversified national conditions of each country must be respected, and developing countries should be assisted to benefit from the growth of the world economy and to participate actively in the decision-making and rule-setting in the global economic affairs.

Secondly, an open, fair, equitable and non-discriminatory multilateral trading system is conducive to the sustained development of global trade and economy. All parties, particularly the major developed trade partners, should strengthen cooperation. Development should be at the center of the new round of negotiations, and the special and differential treatment for developing members should be taken into full consideration and reflected in concrete manner.

Thirdly, regional and sub-regional economic cooperation and trade arrangements based on World Trade Organization (WTO) rules, will not only help minimize challenges brought about by globalization, but also complement the multilateral trading system and expand the global trade.

And fourthly, South-South cooperation and North-South dialogue are both effective ways for developing countries to achieve growth and development. In the face of new challenges of globalization, such cooperation and dialogue should be further strengthened and consolidated.

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