Globalization-related issues can be resolved using WTO, expert says

Foreign businessmen talk shop about sports equipment and products at the China Import and Export Fair, also known as the Canton Fair, on Thursday in Guangzhou, Guangdong province. [Photo/Xinhua]

Although a multilateral trade agreement is deadlocked in the stalemated Doha Round negotiations, China is a "true believer" in the trade system backed by the World Trade Organization, a commerce official said on Friday.

"China firmly supports the multilateral trade system, though it's at the bottom again," Zhang Xiangchen, assistant minister of commerce, said at a seminar of the China Society for World Trade Organization Studies, known as CWTO.

"The WTO has done well in resolving trade disputes and restraining trade protectionism following the 2008 financial crisis," he said.

"In the long run, the future of the multilateral trade system is bright," Zhang added.

China, the second-largest economy, is on track to become the world's largest trader.

And issues that emerged in globalization, such as the exchange rate and carbon tariff, "can only be resolved under the multilateral framework of the WTO", Zhang said.

"Meanwhile, the organization plays a fundamental role in setting up global rules, as the rules reached in regional trade agreements cannot be used around the world," he said.

Xue Rongjiu, vice-chairman of the CWTO, agreed that China should enhance its support for the WTO despite any temporary difficulties it may have.

"The regional trade agreements are disorganized and overlapping, with various countries engaged in different agreements," he said.

But "all the challenges will be resolved through the WTO", Xue said.