Insights | China's experience has inspired many countries in Global South: UNCTAD Deputy Secretary-General Moreno

(ECNS) -- China's has become the world's largest manufacturer, leading exporter of goods, a key hub in global value chains, a global digital leader, and an energy transition pioneer.

That’s the message from UN Trade and Development (UNCTAD) Deputy Secretary-General Pedro Manuel Moreno, when addressing a panel discussion themed on “WTO at 30 and China: History and Evolution.”.

The event, held on Tuesday in Shanghai, China, is part of the 7th Hongqiao International Economic Forum and China International Import Expo, to which UNCTAD is a global partner.

“China's experience has inspired many countries in the Global South. It has actively promoted experience sharing and peer learning among developing countries,” Moreno said.

He highlighted China’s significant achievements in poverty alleviation since joining the WTO in 2001, saying that China’s WTO membership has been instrumental in lifting millions out of poverty. He noted that in early 2021, China announced it had eradicated extreme poverty based on its national poverty criteria. “Trade has been essential in these successes,” he said.

The establishment of the WTO marked a historic milestone of economic globalization, interdependence and sustainable development, he added.

“Over the past decades, the WTO has spurred rapid expansion of global trade and economic growth, benefiting many developing countries. Trade has been a critical force in unlocking economic opportunities, helping attract investment and productive capacities, creating well paid jobs and facilitating access to technology,” he said.

However, he noted that the resurgence of unilateralism and protectionist trade policies poses a risk of fragmentation in global trade rules, which will affect all nations, with the weakest bearing the brunt.

He concluded that the UNCTAD can serve as a facilitator to provide space for dialogue on new and emerging issues within the trade agenda by offering a safe space, which allows countries to move beyond misconceptions and focus on constructive dialogue.