FX.co ★ China Renounces WTO Developing Country Benefits

Beijing announced on Tuesday that it will cease to pursue benefits associated with its developing country status at the World Trade Organization (WTO). This announcement came via state media outlet Xinhua and the WTO Director-General. Premier Li Qiang, speaking at a United Nations General Assembly side meeting in New York, conveyed that China will relinquish its access to Special and Differential Treatment (SDT) in both ongoing and future WTO agreements. This decision addresses longstanding criticisms from the United States, which has argued that large economies like China and Saudi Arabia unfairly exploit SDT advantages, such as higher tariffs and subsidies, by identifying as developing nations. Washington has maintained that genuine WTO reform cannot be achieved without the withdrawal of such privileges.