WTO rules don't sufficiently protect interests of developing countries, a former People's Bank of China governor said.
to formulate and push forth WTO rule changes aimed largely at China. The world's second largest economic power has been accused of intellectual property theft and forced technology transfers.
But altering WTO rules has been notoriously difficult since the body's creation in 1995, as all 164 member countries must agree on any changes.at the G-7 summit in August also called for reforms of the WTO, including: to protect intellectual property more effectively, to settle disputes more quickly, and to eradicate unfair commercial practices.
Meanwhile, the protracted trade war between the U.S. and China is still unresolved, with several rounds of tariffs imposed on billions of dollars worth of each other's goods. While critical of the WTO, Zhou praised regional trade agreements that have been struck by countries in Asia as "new and high standard trade rules."
He referred to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, signed by 11 countries after the U.S. pulled out of an earlier trade pact.
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