Bookmark Bookmark

CHINA'S STATUS AS A 'DEVELOPING COUNTRY' IN CONTENTION

CHINA'S STATUS AS A 'DEVELOPING COUNTRY' IN CONTENTION

Context:

As of January 12, 2022, China's status as a 'developing country' in the World Trade Organization (WTO) has become contentious.

Key Points:

  • Many countries express concern over China, an upper-middle-income nation with benefits reserved for developing countries under WTO rules.
  • In addition, concerns raised over the 'least developed country (LDC) status, Bangladesh may lose this tag after surpassing India in per capita GDP.

Background:

  • Last month, China completed 20 years in the World Trade Organization. On December 11, 2001, it joined the international organization and became its 143rd member.
  • It has been one of China's best economic decisions, as it is now the world's largest economy in terms of purchasing power parity terms, the second largest in terms of market exchange rates, and the world's largest trading nation.
  • So far, more than half a billion Chinese people have been lifted out of poverty in two decades.
  • China is now the largest trading country in 120 countries, including the US.

How the 'developing' tag helps nations:

  • The WTO division is somewhat similar to the Indian reservation system, in which the poor are given special treatment in education and employment.
  • The WTO provides for emerging economic rights by providing specialized and differential treatment (S&DT) in its agreements.
  • Such provisions allow those countries to implement long-term agreements. They also benefit from a commitment to better trading opportunities.

You might be interested:

INDIAN GOVERNMENT SET TO TAKE MAJORITY STAKE IN VODAFONE IDEA

INDIAN GOVERNMENT SET TO TAKE MAJORITY STAKE IN VODAFONE IDEA Context: The Indian government will become the largest shareholder in Vodafone Idea after the operator's board approves the interest conve ...

6 months ago

SEA-TO-SEA VARIANT OF BRAHMOS SUPERSONIC MISSILE

SEA-TO-SEA VARIANT OF BRAHMOS SUPERSONIC MISSILE Context: On January 11, 2022, the Defence Research Development Organization test-fired the Brahmos Advanced Variant. It is a sea–to–sea var ...

6 months ago

NATIONAL YOUTH DAY: 12 JANUARY

NATIONAL YOUTH DAY: 12 JANUARY Context: Every year, on 12 January, National Youth Day is celebrated in India. About the Day: The day commemorates Swami Vivekananda's birthday as he was born on 12 Jan ...

6 months ago

HENLEY PASSPORT INDEX 2022

HENLEY PASSPORT INDEX 2022 Context: On 11 January 2022, the Henley Passport Index 2022 was released. This edition shows record-breaking levels of travel freedom for top-ranking countries like Singapor ...

6 months ago

RED SANDERS - IUCN ‘ENDANGERED’ CATEGORY

RED SANDERS - IUCN ‘ENDANGERED’ CATEGORY Context:   On January 10, 2022, the International Union for Conservation of Nature’s (IUCN) classified Red Sanders (or Red Sandalwood) a ...

6 months ago

2022 FIFTH HOTTEST YEAR ON EARTH: STUDY

2022 FIFTH HOTTEST YEAR ON EARTH: STUDY Context: On 10 January 2022, the Copernicus Climate Change Service, a European Union initiative, found that 2021 was the fifth hottest year on Earth. Important ...

6 months ago

Provide your feedback on this article: