AMN/ WEB DESK
The United States has said that China isn’t keeping the promises it made to open its markets to foreign competition when it joined the World Trade Organization (WTO) in 2001. The Office of the US Trade Representative accused China of failing to meet its commitments to the World Trade Organization (WTO) and said it is exploring new ways to combat aggressive Chinese trade practices causing serious harm to workers and businesses around the world.
It published its annual report on Chinese compliance with WTO rules yesterday, the first such assessment under President Joe Biden’s administration. China said it is a firm supporter of and important contributor to the WTO.
The US report said, “China’s leadership appears confident in its state-led, non-market approach to the economy and trade and feels no need to conform to global norms.’’ The US Trade Representative Katherine Tai also urged China to live up to its commitments in the phase-one trade deal, as doing so would provide a solid foundation for future bilateral engagement.
The report also noted that the US is engaging with like-minded trading partners, including in the Indo-Pacific region, to strengthen existing trade ties and to reduce reliance on China in key supply chains.