EU Blames China for World Trade Organization Relapse
Steve M.C. | | Dec 05, 2016 01:51 AM EST |
(Photo : Facebook.) Cecilia Malmstrom in her remarks said that China had introduced impossible terms of engagement at the WTO.
China has been put under the spotlight by the European Union over submission of impossible terms of engagement at the World Trade Organization, which aimed to cut import and export tariffs of environmentally friendly products by nearly over $1 billion.
During the talks held on Sunday at Geneva, China caused a stir after it presented its own trade items, a move that was quite not expected by member countries present.
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Reuters reported that WTO spokesperson Cecilia Malmstrom in a statement said that China's list was totally off-key because it contained electric bicycles.
"China came in with their list, bringing in totally new elements into perspective, which was very late in the process," Malmstrom said.
However, Malmstrom, although disappointed by China's move was optimistic explaining that this was a great venture and the investing parties were guaranteed a better turn-out come next year.
"It would have been much helpful if they had engaged earlier in this sort of specifics because, of course, they came out with a list that surprised everybody," she said.
Fortune reported that China's Ministry of Commerce issued out a statement saying that a difference on key issues made the meeting unsuccessful. However, the other members present were not pleased with the turnout.
Money Control News listed Japan, Australia, South Korea, and Singapore among the 18 participants present in the discussion.
The United States and the European Union have produced a list nearly 300 green products. With the new President-elect Donald Trump set to take power in January, there is a great deal of concern on what is to come next for the discussions.
Tagschina, European Union, WTO, donald trump, Taiwan
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