Global leaders warn against trade protectionism

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Europe

Global leaders have warned against trade protectionism at the 2018 Asia-Pacific Economic Cooperation (APEC) CEO Summit in Port Moresby, capital of Papua New Guinea (PNG) on Saturday.

Chinese President Xi Jinping expressed his concerns on the trend of rising protectionism and unilateralism as he delivered a keynote speech at the event.

Xi said the global growth is under the shadow of protectionism and unilateralism and all countries should take an inclusive approach and encourage interaction.

Chinese President Xi Jinping delivers a keynote speech at the APEC CEO Summit in Port Moresby, capital of Papua New Guinea, November 17, 2018. /VCG Photo

Xi said only openness and cooperation could bring more opportunities and create more space for development. He called for firm efforts to safeguard the multilateral trading system with the WTO at its core.

He stressed that history has shown that confrontation, whether in the form of cold war or trade war, will produce no winners.

He added that China welcomes international cooperation, and the country will host the second Belt and Road Forum for International Cooperation next year and will continue to hold the China International Import Expo (CIIE) annually.

Australian Prime Minister Scott Morrison said his government would fight against rising trade protectionism.

"We are witnessing a rising tide of trade protectionism along with financial volatility in some emerging economies," said Morrison.

He said the solution to perceived unfair trade practices is more likely to be found around the negotiating table than it is in rebuilding a tariff wall.

"The test for us now is to stand up for the economic values we believe in and show how they work," Morrison added.

Russian Prime Minister Dmitry Medvedev makes his keynote speech for the APEC CEO Summit in Port Moresby, Papua New Guinea, November 17, 2018. /VCG Photo

Russian Prime Minister Dimitry Medvedev joined the tone of opposing growing protectionism and called for transparent trade rules.

Medvedev earlier stressed the importance of enhancing economic recovery.

He said the global economy generally recovered after the 2008 crisis and many systemic errors which were acknowledged back then and which led to the crisis were corrected.

But the economy rebounds too slowly, he said, adding the cumulative government debt in the world has increased significantly, and developing markets have become more vulnerable.