Xi urges global institutions to fight trade protectionism
JOHANNESBURG (Reuters) — Chinese President Xi Jinping called for a concerted effort by global institutions such as the United Nations, the Group of 7 and the World Trade Organization to fight unilateralism and protectionism in a speech yesterday at the BRICS summit in South Africa.
Xi also called for a dialogue to settle disputes on global trade, underlining remarks he made at the opening of the summit the previous day urging a rejection of unilateralism in the wake of tariff threats by US President Donald Trump.
Xi reiterated there would be no winner in a global trade war, urging fellow developing powers on Wednesday to reject unilateralism in the wake of tariff threats by Trump.
Trump’s warnings have given Brazil, Russia, India, China and South Africa fresh impetus to enhance trade cooperation, and their leaders found a collective voice championing global trade as they began a three-day BRICS summit in Johannesburg.
The meeting of presidents from the trade bloc is the first since Trump’s administration launched a push to rebalance trade multilateralism that Trump has deemed unfair — relationships that the United States once championed.
“We should be resolute in rejecting unilateralism,” Xi said at the opening ceremony.
“A global trade war should be rejected because there will be no winner,” said Xi, who oversees the world’s second-largest economy, and whose nation is dominant in the BRICS bloc.