Chinese Premier Li Keqiang today asked major countries to make "bold political decisions" to move forward the global multilateral trade system and warned that the stalled Doha talks could affect the world economic recovery.
Noting that China's economic recovery is still fragile, Li promised to promote growth by opening markets to private competition and improving the investment climate for foreign companies.
"Trade arrangements, be it regional or bilateral, should both follow the basic rules of multilateral trade and observe the basic principle of being open, inclusive and transparent," he said.
Li's remarks came in responding to questions raised by executive chairman of the World Economic Forum (WEF) Klaus Schwab.
Addressing the WEF Annual Meeting of the New Champions 2013, also known as Summer Davos, in the northeastern city of Dalian, Li asked major economies to make "bold political decisions".
He said the integration of the world economy and liberalisation of trade is an "unstoppable" trend and all trade arrangements should abide by the basic principle to facilitate trade liberalisation and resolutely oppose trade protectionism.
"Whatever the regional trade arrangement should realise the ultimate goal of economic globalisation and should not replace multilateral trade arrangement, which is the only way to the sustainable development and prosperity of world economy," Li was quoted as saying by state-run Xinhua news agency.
He warned that if the multilateral trade mechanism fails to move forward, it would affect the world's economic integration and the world economic recovery, thus making recovery more difficult and incurring trade protectionism.
The new chief of World Trade Organization (WTO) this week said that 159 member economies must break the deadlock in time for a make or break summit in Bali in December.
"The world will not wait for the WTO indefinitely. It will move on and will move on with choices that will not be as efficient or as inclusive," Roberto Azevedo warned.
Members of the WTO launched their Doha Round negotiations at a summit in Qatar in 2001 with an aim to craft a global accord on opening markets and removing trade barriers such as subsidies, excessive taxes, etc.
