Shanghai, China : A high-level sub-forum on “Global Trade Restructuring and WTO Reform” was held on Wednesday at the 8th Hongqiao International Economic Forum in Shanghai, bringing together senior officials, leading scholars, and industry representatives from domestic and international economic and trade sectors. Participants analyzed the root causes of current trade instability and proposed practical solutions for restructuring global trade and reforming the World Trade Organization (WTO).
Attendees emphasized that the current international economic and trade system faces severe challenges, with rising unilateralism and protectionism creating uncertainty and instability in global economic development. They noted that a WTO-centered multilateral trading system provides stable and predictable institutional guarantees for global trade, and strengthening the authority of multilateral trade aligns with the shared interests of all parties.
Lu Xian Khun, founder of the Friends of Multilateralism group in Geneva, stated that no regional or bilateral arrangement can substitute for the multilateral trading system, which still holds essential value. WTO members need to adopt flexible approaches to safeguard multilateral trade.
This year marks the 30th anniversary of the WTO. Since joining in 2001, China has consistently supported the multilateral trading system, promoting global development through open markets. China will continue expanding imports of high-quality goods and services, leveraging its vast market to drive worldwide economic and trade growth.
Former Chilean Ambassador to the WTO, Alejandro Hala, noted the crucial role China plays in this context and stressed the importance of sustaining its constructive engagement. The Hongqiao Forum provides a vital platform to advance WTO reforms and foster inclusive global trade. For the first time, the China International Import Expo held alongside the forum created a dedicated zone for least-developed countries, opening doors for equitable opportunities.
Participants expressed hope that China will further expand institutional openness and take a more active role in improving global governance and promoting inclusive global development.
Source: Tuhina-Hashim-Lily, China Media Group.