China could soon join the Group of Eight (G8) nations along with other major developing economies such as India, Brazil and South Africa, said European Trade Commissioner Pascal Lamy. He suggested the "creation of a new structure of what we call the Economic Security Council, which would be not an adjustment to the G8 but a revamping of the formula where the membership would be more balanced". The G8 currently comprises the US, the UK, Germany, France, Japan, Canada, Italy and Russia.
Speaking on the sidelines of the Asia- Europe economic ministers' meeting in Dalian, Liaoning province, he also supported the comment of Lu Fuyuan, China's Minister of Commerce, that the World Trade Organisation must keep its 2001 promise of catering more to developing countries. The WTO is to meet this month in Cancun, Mexico to try to reach a deal giving developing nations greater market access to wealthy countries. But Chinese officials are worried, the paper reported, that reaching such a consensus might be difficult as industrialised nations facing slow growth or deflationary pressures at home veer towards trade protectionism.
Lamy acknowledged China's efforts at market opening since joining the WTO but expressed concerns at continuing economic barriers in the telecoms, auto-distribution and construction sectors.