Johannesburg: BRICS nations must reject protectionism “outright" and promote trade and investment liberalization, Chinese President Xi Jinping said.
“We must work together at the UN, G20 and World Trade Organization to safeguard a rule-based multilateral trading regime," Xi said at the BRICS summit in Johannesburg on Thursday. The session was also attended by the leaders of Brazil, Russia, India and South Africa.
US President Donald Trump has imposed billions of dollars of tariffs on Chinese goods to retaliate for what he says are unfair practices that have resulted in a huge trade imbalance. Escalating trade tensions are threatening to derail a global upswing that’s already losing momentum, the International Monetary Fund warned on 16 July.
“Constant flare-ups of geopolitical conflict and the escalation of protectionism and unilateralism are directly affecting the external development environment of emerging markets and developing countries," Xi said.
The annual summit of the coterie of emerging economic powers first identified by former Goldman Sachs Asset Management Chairman Jim O’Neill is the 10th since its leaders started meeting.