China & South Africa to back India’s WTO proposal for protecting developing nations confronted by US
India’s proposal to safeguard the right of special provisions for emerging economies that have been challenged by Washington will be supported by Chinese and South African authorities, according to the Economic Times.
“South Africa and China are excited about our proposal and the meeting,” the media outlet reported, citing an official familiar with details of the issue.
The Indian government is currently seeking to amend regulations on unilateral action by members on trade issues. The topic is set to be discussed during a two-day ministerial meeting kicking off in New Delhi on Monday.
Also on rt.com US playing ‘cowboy’ & ‘abusing power’ in Venezuela & Cuba – Spain’s FMAccording to the source, India may modify the proposal as per other countries, if necessary. The official stated that South Africa’s Trade and Industry Minister Robert Davies and a 14-member delegation from China headed by the country’s Assistant Minister of Commerce Ren Hongbin will attend the meeting.
The comment comes ahead of the next G-20 summit planned for late June in the Japanese city of Osaka.
The special and differential treatment (S&DT) is aimed at granting the developing countries longer time periods to implement agreements and commitments, as well as to implement measures to boost their trading opportunities. The provisions are also intended to safeguard the interests of the emerging economies in the sphere of international trade, increasing their capacity to handle disputes and implement technical standards.
Also on rt.com Global trade losing momentum as trade tensions persist – WTO“We want to have development through S&DT as the core of WTO reform, along with appellate body appointments. We will also discuss ways to address asymmetries in various global trade agreements especially on agriculture,” the official told the media.
The White House has proposed the withdrawal of such special rights and exemptions for emerging nations that are members of the Organization for Economic Cooperation and Development (OECD), G20 Group, which are defined by the World Bank as “high income” states or those that account for more than 0.5 percent of global commerce trade.
For more stories on economy & finance visit RT's business section
