In a significant endorsement of China’s global trade initiatives, WTO Director-General Ngozi Okonjo-Iweala praised Beijing’s policies on March 6 for driving South-South cooperation. Speaking at an event in Geneva, she highlighted how trade among developing nations is emerging as a key engine for global commerce growth amid ongoing disruptions.
The eighth ‘China Project: Dialogue on Least Developed Countries and South-South Development’ brought together ambassadors from China, South Africa, India, and representatives from nearly 60 least developed countries (LDCs). Participants commended China’s tangible actions within the WTO framework to foster South-South ties and integrate LDCs into global value chains.
Okonjo-Iweala noted that over 50% of developing countries’ exports now flow to fellow developing markets, with South-South trade surging from about 10% in 1995 to nearly 25% today. This momentum persists despite trade volatility worldwide.
She pointed to remarkable milestones: bilateral trade between China and Africa exceeded $2.9 trillion by 2024, while Chinese investments in the continent hit around $42 billion. Under the Belt and Road Initiative (BRI), these investments have diversified from infrastructure into healthcare, food processing, education, water resources, and renewable energy.
China’s Permanent Representative to the WTO, Li Yongjie, addressed the challenges facing the multilateral trading system, including unilateralism. He reaffirmed China’s commitment to global development and governance initiatives, supporting WTO reforms to strengthen multilateral economic governance. China pledges continued assistance to LDCs through bilateral and multilateral channels, expanding market access, deepening trade and investment ties, and delivering concrete South-South outcomes.