Leaders of the member states of the Shanghai Cooperation Organization (SCO) on Monday issued a statement on supporting the multilateral trading system during the ongoing SCO Tianjin Summit, according to the Xinhua News Agency. This demonstrates the SCO's firm determination to maintain the stability of the global trade order, China’s Ministry of Commerce (MOFCOM) said on Tuesday.

This year marks the 30th anniversary of the establishment of the World Trade Organization (WTO). Over the past 30 years, the WTO has provided an open, stable, and predictable institutional foundation for global economic development, greatly promoting the liberalization and facilitation of global trade and investment, as well as economic growth. However, the multilateral trading system is currently facing severe challenges, as certain countries have abused tariff measures, seriously undermined the global economic and trade order, and brought greater uncertainty and instability to global economic development, the MOFCOM noted.

SCO member states support the rules-based multilateral trading system with the WTO at its core and fully affirm the WTO’s important role in global economic governance. Since assuming the rotating presidency of the SCO, China has actively cooperated with other SCO member states to address global trade turmoil and support an inclusive multilateral trading system. Through the joint efforts of all parties, the statement was finally reached and issued, according to the MOFCOM.

The statement reflects the consensus of SCO member states. In terms of overall stance, it supports the rules-based multilateral trading system, opposes trade restrictive measures that violate WTO rules and principles, and calls on all parties to engage in dialogue and cooperation and abide by WTO rules. In addressing challenges, it reaffirms the importance of advancing WTO reforms, calls for the restoration of the normal functioning of the dispute settlement mechanism, emphasizes the importance of open, inclusive, resilient, and stable supply chains, and encourages continued work in this regard, said the MOFCOM.

Looking to the future, the statement underscores the importance of development, supports the better integration of developing members and least developed countries into the multilateral trading system, supports the early accession of Belarus, Iran, and Uzbekistan to the WTO, and looks forward to achieving practical outcomes at the 14th Ministerial Conference (MC14) in 2026, the ministry said.

This is the first time that the heads of state of the SCO member states issued a statement specifically on jointly supporting the multilateral trading system, demonstrating the SCO's firm determination to maintain the stability of the global trade order, the MOFCOM said.

The statement also came at the right timing, the ministry said, noting that recently, some WTO members reached a framework agreement on so-called “reciprocal tariffs,” and SCO member states reaffirm the WTO’s core principles, such as most-favored-nation treatment and non-discrimination, calling on all parties to adhere to international trade laws, including WTO rules.

In the next step, China will further strengthen communication and cooperation with other SCO member states, actively practice true multilateralism, promote WTO reforms in the right direction, safeguard the legitimate interests of developing members, and contribute to building an open global economy, the MOFCOM said.

(Source:Global Times)