US Trade Representative Katherine Tai has said that China’s economic development system is creating “many competitive pressures” in the world and termed the steep decline in US-China bilateral trade last year as a positive indication for the diversification of global trade.
When the WTO was founded the economies of the world were different. “The economies have since then grown. China is a good example. It joined the WTO in 2001, it was smaller in footprint than it is today”, Tai told BBC in an interview.
In her address to the World Trade Organisation’s (WTO) meeting in Abu Dhabi too, Tai said, “China’s economic development is creating many competitive pressures around the world,” and added the institution was “showing its age” and needed to be reformed so that it could do more to address those pressures.
“We need to address in the WTO the competitive economic…
