|S. Rina |||Dec 13, 2016 08:29 AM EST|
(Photo : Getty Images) China launched a WTO complaint on Monday against the US and EU for delaying its market economy status.
China has filed on Monday a legal challenge against the US and EU at the World Trade Organization (WTO) for the delays in bestowing its "market economy" status.
China recently completed 15 years of its membership with the WTO. However, various members including the EU, Japan, US, and others have refrained from granting the country its market economy designation.
Like Us on Facebook
China's commerce ministry expressed its concerns over such measures, claiming that the country had requested discussions with the EU and the US. China is now looking for a WTO panel ruling.
The statement said, "China has communicated through many channels for the third-country comparison to expire. What's very regrettable is that EU and US have not acted to allow it to expire."
The third country comparison rule allows trading partners to institute punitive tariffs using a special formula. Such actions are permitted in anti-dumping cases. China is looking to get this provision to expire, and the ministry stated that the country seeks to protect its lawful rights.
Meanwhile, the EU is planning to change its rules regarding anti-dumping goods to curtail the quantity of Chinese goods entering its markets. China has expressed its anger over such protectionist measures taken by the developed countries. Pursuant to WTO rules, the country received its Market Economy Status (MES) on Sunday.
A spokesperson for EU said that it is disappointing that China resorted to launching a legal case. The statement said that the Union is taking actions to change the legislation. However, the US announced levying penal anti-dumping tariffs on washing machines made in China. The United States claimed that China has not fulfilled many of its WTO requirements.
©2015 Chinatopix All rights reserved. Do not reproduce without permission
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
Elephone P9000 Smartphone is now on Sale on Amazon India
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?
6 Year-Old-Boy Trapped in 40-Metre-Deep Well for 3rd Day