WTO chief emphasizes on global trade integration at CIIE
Roberto Azevedo, director general of the World Trade Organization (WTO), emphasized on international trade integration and the damage of trade war, in his speech at the opening ceremony of the 2nd China International Import Expo (CIIE) on Tuesday.
Azevedo said that the first CIIE showed a clear commitment of the Chinese government to continue its integration with the global economy. The second one demonstrated its intention in continuing import promotion, creating opportunities for businesses and consumers in China and around the world.
"Trade is fundamentally about win-win cooperation," Azevedo voiced firm support for international trade. He continued that imports mean a lower price and more choices for consumers, as business gets access to the best price inputs. It adds greater competitiveness to the export market and also helps them to specialize in what they do well.
Decades of cooperation have shown the result in growth, development, and unprecedented poverty reduction, he added.
"Today, two-thirds of export contains imported components," Azevedo elaborated on the interconnections of the world trade.
He also brought up the on-going China-U.S. trade tensions, saying the uncertainty has dragged on economic growth when business hesitates in investing for fear of profit being wiped out by trade restrictions.
He concluded that more integration of the global economy would lead to more business confidence, better jobs, and more spending, and the government can implement more effective policy in moderating economic activities. That inter-connectivity is fundamental in long-term sustainable development, otherwise, the world may end in a loss-loss situation.