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Friday, December 16, 2016, 16:39

China regrets US challenge at WTO

By Xinhua

China regrets US challenge at WTO
Bags of grain are delivered to a wholesale market in Hefei, 04 December 2006, in eastern China's Anhui province. China's entry into the WTO on December 11, 2001 was welcomed by its trading partners as finally bringing one of the world's fastest-growing economies into the bosom of the trading system. (AFP)

BEIJING  -- China's Ministry of Commerce (MOC) on Friday expressed "regret" over a US government challenge to China's tariff rate quotas for agricultural products.

The MOC official said the tariff rate quotas of agricultural products were acknowledged in China's agreement to the terms when it joined the WTO

An official with the ministry said in a statement that China has received a request for consultation from the US and will properly handle the dispute in accordance with World Trade Organization (WTO) rules.

The US government announced Thursday the complaint against China and said it was trying to hold China to its commitment to allow set quantities of grain and corn to enter the country at a lower tariff rate.

The MOC official said the tariff rate quotas of agricultural products were clearly acknowledged in China's agreement to the terms when it joined the WTO, and the tariff rate quotas of wheat, grain and corn were in line with China's commitment.

The official noted that China has always respected WTO rules in managing its foreign trade of agricultural products with the aim of maintaining stability in international trade.

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