Beijing, March 8: The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, stated on March 6 that South-South trade is becoming a significant driving force for global trade growth. The WTO highly appreciates China’s policies and actions in promoting South-South cooperation.
On the same day, the WTO hosted its eighth “China Project: Least Developed Countries and South-South Development Dialogue” in Geneva, Switzerland. Iweala, along with ambassadors from China, South Africa, India, and other member countries, participated in the meeting with nearly 60 ambassadors and representatives from the least developed countries. Participants praised the practical steps taken by China within the WTO framework to support South-South cooperation and help integrate the least developed countries into global value chains.
Iweala emphasized that despite trade disruptions, South-South trade is becoming a crucial driver of global trade growth. More than 50% of exports from developing countries go to other developing nations, with the share of South-South trade increasing from about 10% in 1995 to nearly 25% today.
By 2024, bilateral trade between China and Africa is expected to exceed $2.9 trillion, with Chinese investments in Africa reaching approximately $42 billion. Under the Belt and Road Initiative, Chinese investments have gradually expanded across various sectors, including infrastructure, healthcare, food processing, education, water resources, and renewable energy.
Li Yongjie, China’s permanent representative to the WTO, noted that the current multilateral trading system faces serious challenges from unilateralism. China has proposed global development initiatives and governance proposals, supporting the strengthening of multilateral global economic governance through WTO reforms. China continues to assist the least developed countries in enhancing their trade capacities through both multilateral and bilateral cooperation, while deepening trade and investment collaboration and promoting more practical outcomes in South-South cooperation.
(Source: China Media Group, Beijing)
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment