Why It Matters: This international organization was launched at the initiative of China, and according to its head, the World Digital Trade Organization is intended to replace the World Trade Organization (WTO).
The Big Picture:
This international organization was launched at the initiative of China, and according to its leader, the World Digital Trade Organization is poised to replace the World Trade Organization (WTO).
What They Are Saying:
Han Xianghui said, 'This organization will strive to provide a fair and non-discriminatory environment for trade, monetary, and financial transactions among member countries.'
Khalaghi, CEO of this bank said this is the first Iranian bank to become a member of this organization and will henceforth be part of the Global Digital Trade Organization's Banking Working Group.
Key Points:
- Currently, 50 countries have joined this organization, most of which are from developing countries and belong to the Global South.
- The main goals of this newly established organization are the elimination of customs tariffs, free trade, and the facilitation of monetary and banking transactions.
- Membership of Iranian banks in this organization, which is based on the digital space, could facilitate monetary and banking transactions between Iran and China.
Go Deeper:
The presence of an Iranian bank in the banking working group of this organization can help regulate the banking laws and regulations of member countries and facilitate the membership of other Iranian banks."
