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. 💼
