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Developing Country Tag
January 16 , 2022
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- The World Trade Organization recently provided the “developing country” tag.
- The organization has officially not created any definitions for “Developed” or “developing “countries.
- However, when a tag is provided other countries can challenge the offering.
- Though WTO has not provided the definition, two-third of its members claim themselves as developing countries.
- As the members can themselves declare them as developing, China has taken advantage to declare itself as developing.
- Also, China is currently the world second-largest economy.
- It accounted for one–fourth of the global GDP in 2021.
- US, Australia and the European countries are opposing this.
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