Japan, EU and US seek new WTO rules to curb Chinese subsidies
JAPAN, the EU and the US have ramped up pressure on Beijing over its model of state-sponsored capitalism, calling for tougher World Trade Organisation curbs on government subsidies, reports London's Financial Times
22 January 2020 - 19:00
The three issued a joint statement on a proposal for more stringent global rules to prevent Chinese companies relying on state support to gain advantage over foreign rivals.
The proposed changes call for governments to prove that subsidies do not distort trade and for the closing of loopholes in the WTO rule book.
Phil Hogan, EU trade commissioner, said they were 'an important step towards addressing some of the fundamental issues distorting global trade'. The EU 'has been arguing consistently that multilateral solutions can be effective in solving these problems', he said.
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