Wang Wentao, China’s Commerce Minister, has called for heightened regulatory discussions to bolster the stability and resilience of the global industrial chain.
He emphasised integrating the Investment Facilitation for Development (IFD) Agreement into the World Trade Organisation’s legal framework to aid developing nations in achieving economic and manufacturing progress alongside the realisation of the UN 2030 Agenda on Sustainable Development.
Addressing a session on trade and sustainable development at the 13th WTO Ministerial Conference, the Chinese minister underscored his country’s role in providing high-quality green products at accessible prices worldwide, significantly aiding in addressing pressing global challenges, including climate change.
Wang elaborated on China’s commitment to the concept of new development, advocating for high-quality development while striving for a harmonious coexistence between humanity and nature.
Highlighting initiatives, he affirmed China’s support for temporary customs duty exemptions on electronic transportation and expediting the formulation of regulations for digital trade. This burgeoning sector presents new avenues for sustainable development, particularly benefiting developing nations.
