China, Global Trade Uncertainty and the World Trade Organization Reform

Jelisavac Trošić, Sanja (2019) China, Global Trade Uncertainty and the World Trade Organization Reform. Nauka i društvo (Science and Society–Journal of Social Sciences) (1). pp. 61-79. ISSN 2335-0792

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Abstract

This paper seeks to address the global trade uncertainty caused by unilateral actions tightening the situation around tariffs and trade. In order to meet the criteria for joining the WTO China had to reform trade regime, implement trade liberalization measures and carry out structural changes in the economy. China has become an active WTO member, and has sharply increased its share of world trade. Build-up of trade tariffs between the United States and China has caused the concern in the international community. In dispute between world’s two biggest economies WTO still has no adequate answer. The WTO needs to go through substantive reforms and modernization to meet changes and requirements of the modern world in order to regain its status as major arbiter of international trade. There are many different proposals for future WTO reform. China supports reforms of the WTO and resolving trade disputes between USA and China. China has opened the door for negotiations.

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