Brics should reject unilateralism: Xi
johannesburg — Chinese President Xi Jinping said a global trade war should be rejected as it would leave no winner, calling on the Brics nations on Wednesday to reject unilateralism in the wake of tariff threats by US President Donald Trump.
Trump’s warnings have given Brazil, Russia, India, China and South Africa fresh impetus to enhance trade cooperation, and officials at a three-day summit that kicked off in Johannesburg found a collective voice championing global trade.
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 of the meeting of leaders from Brazil, Russia, India, China and South Africa.
“Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism,” he said. “China will continue to develop itself with its door wide open.”
Xi also said the collective rise of emerging markets and developing countries “is unstoppable and will make global development more balanced”. He urged the Brics governments to observe international rules, regardless of their size.
China and South Africa urged fellow Brics governments on Wednesday to fight protectionism and promote multilateral global trade in the face of tariff threats by US President Donald Trump that threaten global trade. Trump’s warnings have given Brazil, Russia, India, China and South Africa fresh impetus to enhance trade cooperation, and officials at a three-day summit that kicked off in Johannesburg on Wednesday found a
It is our sincere obligation to showcase our commitment towards the multilateral trading system, to safeguard the existence of the WTO
Zhang Shaogang, Director general, Ministry of Commerce of China
collective voice championing global trade.
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 which the United States once championed. “It is our sincere obligation to showcase our commitment towards the multilateral trading system, to safeguard the existence of the WTO (World Trade Organisation) and also show our clear and strong position against any unilateral action and protectionism,” Zhang Shaogang, director general in the Ministry of Commerce of China, told the summit of Brics member states.
“Trade and investment cooperation is the propeller for overarching Brics cooperation. We need to make our cooperation more pragmatic and institutionalised.”