China ready to discuss FTA with more Global South countries - President Xi

BEIJING: China is ready to discuss free trade arrangements (FTAs) with more Global South countries, continue to support the World Trade Organisation's (WTO) Aid for Trade Initiative and renew its contribution to the WTO's China programme.

Chinese President Xi Jinping said the country welcomed more Global South countries to join the Initiative on International Trade and Economic Cooperation Framework for Digital Economy and Green Development.

"Between now and 2030, China's import from fellow developing countries is expected to exceed US$8 trillion," he said in his speech at a conference marking the 70th anniversary of the Five Principles of Peaceful Coexistence today.

To better support Global South cooperation, Xi said China will establish a Global South research centre.

"It will provide 1,000 scholarships under the Five Principles of Peaceful Coexistence Scholarship of Excellence and 100,000 training opportunities to Global South countries in the coming five years," said Xi.

He added that China would also launch a Global South youth leaders programme and continue to make good use of the China-United Nations Peace and Development Fund, the Global Development and South-South Cooperation Fund, and the Climate Change South-South Cooperation Fund.

According to Xi, the country would work with interested parties to set up a tripartite centre of excellence for the implementation of the Global Development Initiative, so as to facilitate growth in Global South countries.

It would also renew the China-International Fund for Agricultural Development (IFAD) South-South and Triangular Cooperation Facility, and make an additional Renminbi contribution equivalent to US$10 million to be used to support agricultural development of the Global South.

-- BERNAMA