Hongqiao International Economic Forum

Excellencies, ladies and gentlemen.
Good afternoon.

We often think of globalization as a recent phenomenon, tied to the past few decades of economic integration. Yet, centuries ago, caravans travelled well-worn routes between East and West, carrying goods, ideas and knowledge. The famous Silk Road was one such renowned route, linking China with Central Asia, Middle East and Europe.

It is significant that upon signing of the Marrakesh Agreement 30 years ago, Peter Sutherland, the last Director-General of the GATT, and the first of the WTO, likened the efforts of nations crafting new, comprehensive trade rules to caravans journeying across the ochre sands of the Moroccan Sahara.

His metaphor illustrates the determination to forge common ground in international trade — a commitment as enduring as those ancient caravans. But this image also conveys a powerful message: trade has always been a foundation of economic, cultural, and social connection between nations, bridging the past to the present.

As we celebrate this year the 30th anniversary of creating the WTO, this message is more powerful than ever. And I am truly honoured to be able to share it with you during the Hongqiao International Economic Forum. I would like to extent heartful thanks to the organizers for giving me the opportunity to underscore the importance of the WTO in the modern world, and the importance of China's membership for the organization.

When the WTO came into existence three decades ago, trade in goods and services conducted under its rules amounted to nearly 6 trillion USD, covering two-thirds of the global population. At that time, China was the seventh largest economy in the world.

Today, the WTO has 166 members, with a combined population of almost 8 billion people. In 2023, the value of trade in goods and services by the WTO members exceeded 30 trillion USD – a sixfold increase since the founding of the Organization. China is the second largest economy globally and among the WTO members, growing 13-times since joining the WTO in 2001. During that time period, hundreds of millions of Chinese citizens have been lifted out of poverty and the country's GDP per capita increased from 1000 USD to over 12 000 USD.

There is no doubt that that China has greatly benefited from its accession to the WTO. Both, in terms of economic growth and development, as well as market reforms. Today, China stands as a manufacturing powerhouse and the largest exporter of goods in the world.

As such, China is key not only to the success of the WTO's mission. Its contributions are crucial to addressing global emerging challenges we confront: from the mounting urgency of climate change, to public health emergencies and the transformative impact of digital technologies – China's engagement and commitment is indispensable.

In many aspects, these challenges are distinct from those we faced 30 years ago. While the existing trade rules, rooted in the foundational principles of transparency and non-discrimination, remain the bedrock of international trade, the shifting reality may call for fresh perspectives on trade.

WTO Members are conscious of the emerging challenges. Many of them have been engaging in discussions taking a new angle to trade issues. And China has played an active role in a number of such forward-looking initiatives:

• As recently as last July, China supported the stabilized text of the future agreement on e-commerce, and earlier this year it concluded – together with 124 other WTO Members – the Investment Facilitation for Development Agreement.
• It is one of the participants in the disciplines on Services Domestic Regulation, that entered into force earlier this year.
• China is also active in — and in some cases coordinating — other initiatives such as the ongoing discussions on plastics pollution, e-commerce, micro, small and medium-sized enterprises (MSMEs), and trade and gender.
• China was also among the first dozen of WTO members that accepted the Agreement on Fishery Subsidies.

These are just a few examples of contributions by China to the multilateral trading system. They are commendable but also commensurate with the expectations that one would place in a nation of China's economic stature.

Some call on China to take on an even greater role in strengthening the multilateral system. This includes supporting the reform efforts at the WTO and further modernizing and opening China's economy.

I am encouraged by China's recent assurances during its Trade Policy Review that it would continue on the path of economic reforms it embarked upon at its WTO accession. This would be an important step towards fostering trust in a world where divisions deepen and cooperation becomes increasingly challenging.

Yet, there is no alternative to the WTO members coming together to ensure that trade remains a lever for lifting all livelihoods, sustainably and equitably. This is my call to the WTO Members and China as we look forward to the next 30 years. We need to work past our differences for a better future for all.

Thank you very much for your attention.