WTO Director-General Ngozi Okonjo-Iweala has lauded China’s proactive steps in promoting South-South trade as a vital force propelling worldwide economic expansion. Her remarks came during the eighth edition of the ‘China Project’ dialogue in Geneva on March 6, underscoring Beijing’s pivotal role despite turbulent global trade conditions.
The gathering featured high-level participation from envoys of China, India, South Africa, and delegates from around 60 LDCs. Attendees appreciated China’s practical measures under WTO auspices to bolster cooperation between developing nations and embed LDCs in international supply networks.
Emphasizing data, Okonjo-Iweala revealed that South-South trade now accounts for more than half of developing countries’ exports, up dramatically from 10% two decades ago to 25% currently. This trend highlights the resilience of inter-developing nation commerce.
Spotlighting China-Africa relations, she cited bilateral trade surpassing $2.9 trillion in 2024 and investments reaching $42 billion. The BRI has broadened Chinese engagement across diverse sectors like medicine, agriculture processing, schooling, hydrology, and green energy projects.
Li Yongjie, China’s WTO envoy, warned of threats from unilateral actions eroding the multilateral system. China champions global initiatives for development and governance, backs WTO enhancements, and commits to aiding LDCs’ trade capacities via expanded markets, intensified investments, and actionable South-South partnerships.