Australia PM hits out at trade protectionism
PORT MORESBY: Trade wars benefit no one and must be solved by negotiation rather than titfor-tat tariffs, Australia's prime minister said Saturday ahead of an APEC summit likely to be dominated by US-China trade tensions.
The world is facing a “rising tide of trade protectionism” and financial market volatility, Scott Morrison warned in a speech to business leaders ahead of the two-day summit of Asia-Pacific leaders.
“The solution is not throwing up protectionist barriers,” he said.
“Tit-for-tat protectionism and threats of trade wars are in no one's interest economically and undermine the authority of the global and regional trade rules that benefit us all.”
“The solution to perceived unfair trade practices is more likely to be found around a negotiation table than it is in building a tariff war,” urged Morrison.
Australia would “continue to advocate for trade disputes to be resolved by negotiation and within WTO rules.”
He acknowledged that the World Trade Organization “was not perfect” and pledged to work with “like-minded countries to improve it.”
Reform of the WTO is a topic that is likely to sow division at the summit.
Foreign ministers meeting ahead of the talks were unable to publish a joint statement, apparently due to difference over language on WTO reform. — AFP