World Leaders Oppose All Forms of Protectionism

By Li Ning

Leaders from 30 countries and three key international organizations that attended a roundtable meeting of a forum agreed to oppose all forms of protectionism, according to a communique.

Participants in this leader’s roundtable of the Belt and Road Forum for International Cooperation adopted a joint initiative.

The following underlines the proposals of the Belt and Road project and the resolve of the members to the combined effort:

“We reaffirm our shared commitment to build open economy, ensure free and inclusive trade, oppose all forms of protectionism in the framework of the Belt and Road Initiative.”

“We endeavor to promote a universal, rules-based, open, non-discriminatory, and equitable multilateral trading system with WTO as its core.”

“On deepening economic and trade cooperation, leaders agree to uphold the authority and effectiveness of the multilateral trading system, and work together to achieve positive outcomes at the 11th WTO ministerial conference; promote trade and investment liberalization and facilitation and enable the general public to benefit from trade.”

“The leaders reaffirm to expand trade by nurturing new areas of trade growth, promoting trade balance and promoting e-commerce and digital economy, and welcome the development of free trade areas and signing of free trade agreements by countries that are interested.”

“The leaders vow to contribute to a stable and equitable international financial system, promote openness and connectivity among financial markets, including through mutual cooperation on payment systems and the promotion of financial inclusion.”

“Participants agree to encourage financial institutions to establish commercial presence in relevant countries and regions, promote bilateral local currency settlement and cooperation agreements, and facilitate the development of local currency bonds and stock markets, and encourage dialogues to enhance financial cooperation and fend off financial risks.”

[Source: People’s Daily]