The Office of the US Trade Representative (USTR) on Friday released a statement calling on China to take steps to transform its approach to trade and embrace market policies as was anticipated when the country joined the World Trade Organization (WTO) two decades ago
WASHINGTON (Pakistan Point News / Sputnik - 22nd October, 2021) The Office of the US Trade Representative (USTR) on Friday released a statement calling on China to take steps to transform its approach to trade and embrace market policies as was anticipated when the country joined the World Trade Organization (WTO) two decades ago.
"Looking back over the 20 years since China's accession to the WTO, these members noted that China and its economy have greatly benefited from China's WTO membership, but China has not taken the anticipated steps to transform its state-led, non-market approach to trade and the economy. These members, therefore, called once again for China to embrace open, market-oriented policies," the statement said.
Problems with China's trade regime identified by WTO members include policies that skew the playing field against foreign competition, preferential treatment of state-owned enterprises, forced technology transfer and inadequate regulatory transparency, the statement said.
Almost all of the aforementioned problems persist despite having been identified during the WTO's China's trade policy review three years ago, the statement also said. However, the United States holds out hope that China will take the initiative to address the problems now, it added.
