China upholds multilateral trading system, provides certainty to world: UN report

China has been committed to the multilateral trading system and has brought certainty to the global economy, according to the Trade and Development Report 2025 released on Wednesday in Beijing by the UN Conference on Trade and Development (UNCTAD) and the Chinese Academy of International Trade and Economic Cooperation (CAITEC) of the Ministry of Commerce.

Focusing on issues such as trade, finance, and the reshaping of the global economic landscape, the report indicates that global trade faces challenges, as uncertainties in tariff policies and trade barriers are exerting pressure on multilateral economic and trade cooperation and posing significant risks and new challenges for developing countries.

Although trade is being reshaped amid new changes and uncertainties, over 70 percent of global trade flows​ still adhere to World Trade Organization (WTO) rules, according to the report.

China firmly upholds the multilateral trading system, providing certainty and stability​ to the world, and has consistently been a leader in the development of the Global South, said the report.

"China has made several important steps this year in particular. First of all, it has been a leading diversifier in terms of trade partners. Your premier announced at one of the summits this year that China will no longer seek special and differentiated treatment in new and forthcoming negotiations. It's an important sign and signal to others. I think bilaterally, the country has also announced zero tariffs for a lot of developing countries, in particular, from Africa to newly expanding Chinese market here. So, these are very important concrete steps to facilitate trade integration and keep the openness of major economies and overall systemic diversification going," said Anastasia Nesvetailova, director of macroeconomic and development policy branch of the UNCTAD.

The report said the global trade and finance are closely interconnected, with over 90 percent of world trade​ relying on global financial infrastructure. Therefore, reforming global financial governance will be a key focus in the next phase.

China upholds multilateral trading system, provides certainty to world: UN report

The Zambian government has declared the current fuel supply situation an emergency amid the ongoing tensions in the Middle East.

On March 31, Zambian Minister of Information and Media Cornelius Mweetwa said in a statement that the cabinet had approved zero-rating of value-added tax and the suspension of excise duty on petrol and diesel imports for a period of three months.

Mweetwa, also the government spokesperson, noted that the government is concerned about the continued conflict in the Middle East, which have disrupted global oil supply chains, resulting in rising international fuel prices and upward pressure on domestic pump prices.

Also on March 31, Zambia's energy regulator announced an upward adjustment in fuel pump prices. Under the new pricing structure, petrol has increased by 2.03 percent, while diesel has risen by 28.09 percent.

Zambian residents have already been feeling the impact. Their ability to travel is curtailed and they are forced to wait in long lines for refueling.

"You have to spend some time on looking for fuel. The war should come to an end, and then fuel supply will flow," said Fredrick Nabuzoka, a local resident.

"My business is down. I cannot move regularly like I used to because of the fuel problem," said Fridah Mbiza, another resident.

Analysts warned that the fuel shortage extends beyond the country, which raises fear and worsens an already precarious energy insecurity.

"The energy insecurity is huge. It's not just for Zambia, it's about 75 percent of other African countries. And for Zambia, the price definitely is also going to swing up, just like other countries. And also, there is another fear, apart from just the price going up. The other fear is the availability factor," said Johnstone Chikwanda, a Zambian energy expert.

The ongoing U.S.-Israeli war with Iran and Tehran's retaliatory strikes across the Gulf region have triggered a shortage of liquefied petroleum gas globally because of the reduction of sea traffic through the key oil shipping route, the Strait of Hormuz. The closure of the sea route has sent global oil prices soaring.

Zambia declares fuel supply emergency amid Middle East tensions