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China’s Commerce Minister Wang Wentao emphasized the need for 'confidence and patience' in global trade negotiations at a press conference during the National People's Congress in Beijing. His remarks came after the World Trade Organization (WTO) concluded its 13th Ministerial Conference (MC13) in Abu Dhabi last week, where member states achieved a landmark '1+10' package of outcomes.
Multilateralism Wins Big
Wang described the results as a 'major victory for multilateralism,' highlighting the newly adopted Investment Facilitation for Development (IFD) Agreement. He outlined its significance with three firsts:
The world’s first multilateral investment pact
The first agreement centered on development goals
The first deal shaped by developing nations in investment rule-making
The agreement, he noted, has boosted faith in the WTO system amid global economic uncertainties. Young professionals and entrepreneurs eyeing emerging markets will find this development crucial for cross-border trade strategies.
His remarks came after the World Trade Organization (WTO) concluded its 13th Ministerial Conference (MC13) in Abu Dhabi last week, where member states achieved a landmark '1+10' package of outcomes.
He outlined its significance with three firsts:
The world’s first multilateral investment pact
The first agreement centered on development goals
The first deal shaped by developing nations in investment rule-making
