China is finally ready to move forward by expressing its openness to discuss tariffs, subsidies and other trade policy issues within the framework of World Trade Organization (WTO) reform.
This move was made following calls from the United States (US) which wants a comprehensive change to the existing global trading system.
According to a senior representative of the Chinese mission to the WTO, the country is ready to discuss tariffs, industrial policies and some of the benefits enjoyed through developing country status.
However, any negotiations must be conducted fairly and with a spirit of mutual respect between all parties.
The representative announced that China is considering reviewing some of the advantages under the Special and Differential Treatment (SDT) Scheme, as it has done in the fisheries and domestic regulations issues.
However, Beijing still insists that its developing country status is final and non-negotiable, although it is willing to sacrifice some of the SDT benefits on the basis of compromise.
Washington has previously insisted that WTO reform will be meaningless if China and other major economies continue to maintain the benefits of the SDT, which it claims gives unfair advantages to those countries.
Meanwhile, China has also expressed openness to negotiations under Article 28 of the WTO Agreement, a provision that allows member states to review their tariff commitments if the US submits a formal request through WTO channels.
