CHINA / SWITZERLAND, (ITC News) – The Ministry of Commerce of the People’s Republic of China (MOFCOM) and the International Trade Centre (ITC) signed a memorandum of understanding (MOU) to deepen cooperation under the Belt and Road Initiative, reinforcing their shared commitment to promoting sustainable development, trade-led growth and economic opportunities across developing countries.
The agreement was signed June 15 in Beijing by China international trade representative and vice minister of commerce Li Chenggang and ITC executive director Pamela Coke-Hamilton.
Building on more than four decades of collaboration, the renewed partnership will combine China’s experience in trade, investment and development cooperation with ITC’s expertise in supporting small and medium-sized businesses and strengthening trade capacities of developing countries.
Under the agreement, MOFCOM and ITC will work together to support economic and trade development in partner countries, including by enhancing regional integration, promoting South-South cooperation, improving trade facilitation, strengthening export competitiveness and expanding investment opportunities.
The partnership will also focus on helping rural communities to participate more effectively in international trade; supporting the Export to China Initiative; advancing the green transition and sustainable development; and deepening international trade cooperation on the digital economy and green development.
‘This renewed agreement with China reflects our shared vision of seeing trade as a driver of sustainable and inclusive development, especially through South-South cooperation,’ said ITC executive director Pamela Coke-Hamilton. ‘Together, we will continue supporting small and medium-sized businesses, fostering innovation and creating new opportunities for developing countries to participate more effectively in regional and global markets.’
Vice Minister Li Chenggang welcomed the renewed cooperation, highlighting the importance of combining the strengths of China and ITC to support Belt and Road cooperation and advance implementation of the 2030 Agenda for Sustainable Development.
The two organisations also reaffirmed their commitment to promoting open trade and strengthening international economic cooperation, at a time of uncertainties in global markets, to support more resilient, inclusive and sustainable growth in the Global South.
The agreement will remain in effect for four years and will provide a framework for the development of specific joint projects and initiatives in agreed priority areas.