South Korean media: China no longer seeks WTO differential treatment, which is beneficial for exports to South Korea
South Korean media reported that China is no longer seeking new special and differential treatment in WTO negotiations, which is beneficial for South Korean export industries.
According to Yonhap News, with China's decision, South Korea is expected to gain an advantage in price competition with China.
Kim Sang-ji, director of the Institute of International Trade and Commerce at the Korea Trade Association, said that from a medium- to long-term perspective, the export environment for South Korean agricultural products and consumer goods is expected to improve. It may also have a positive impact on preventing technology leaks from South Korean companies in China and protecting intellectual property rights.
However, some opinions suggest that the combination of U.S. unilateralism and the rise of trade protectionism in various countries has prevented the World Trade Organization (WTO), based on multilateral mechanisms, from playing its due role. In this context, China's move may have limited impact on the international trade environment.
South Korea and China joined the WTO in 1995 and 2001 respectively as developing countries, enjoying special and differential treatment, including delayed implementation of rules, reduced trade liberalization obligations, access to technical and financial support, and tariff reductions. In 2019, during Trump's first term, under pressure from the U.S., the South Korean government decided not to seek preferential treatment for developing countries in WTO negotiations.
China's economy is the second largest in the world, yet it still claims to be a developing country and enjoys SDT benefits, which has been criticized by Western countries led by the United States as abuse of the system and distortion of the competitive environment.
Original article: www.toutiao.com/article/1844218373136395/
Statement: This article represents the views of the author.