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China calls for overhaul of farm subsidy rules under WTO -Breaking

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BEIJING (Reuters), – China has called on the elimination of farm subsidies from some countries in order to support Beijing’s reform of the World Trade Organization.

Wang Shouwen (vice minister of China’s Ministry of Commerce) stated that there are unfair rules and huge subsidies to which some members of developed countries are entitled. This severely distorts international agricultural trade.

However, agricultural subsidies for developing countries are limited to 10% of their production value and have “very little impact” on trade. Wang said that they are essential for food security and grain supply.

WTO members including the United States have, however, long complained about China’s agricultural subsidies, with Washington winning https://www.reuters.com/article/us-usa-trade-china-agriculture-idUSKCN1QH224 a case against Beijing’s price support for grains in 2019.

Wang spoke out on issues brought up by trade partners in a recent policy review. He said that China was taking these concerns seriously. It did not take criticism of issues outside its WTO obligations.

“We are aware of the hopes expressed by other countries for China to further ease its investment entry restrictions, but this criticism is used to attack China. It’s not reasonable, fair or unacceptable to claim that China has not met its WTO obligations.” he stated.

Wang stated that the government was willing to work with the WTO and bilateral investments deals in order to address such concerns. He also said that China applied for membership to the Comprehensive and Progressive Agreement for Trade Pacific Partnership.

Last week, the United States stated that China’s industrial policies had “skewered” their favor against import goods and services as well as foreign suppliers. Washington will pursue reforms to ensure that this happens.

China has also been urged by its major trading partners, including Australia, Britain and Canada, to open up more markets.

China could experience slower growth if they don’t do more to encourage market competition, according to a report this month.

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