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China’s Xi Calls for BRICS to Reject Protectionism ‘Outright’

Xi calls for BRICS to safeguard rule-based multilateral trading regime, promote trade and investment liberalization.

China’s Xi Calls for BRICS to Reject Protectionism ‘Outright’
Prime Minister Narendra Modi with Chinese President Xi Jinping during a meeting in Johannesburg, South Africa, (PTI Photo) 

(Bloomberg) -- 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 Thursday. The session was also attended by the leaders of Brazil, Russia, India and South Africa.

U.S. 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 July 16.

“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.

To contact the reporters on this story: Amogelang Mbatha in Johannesburg at ambatha@bloomberg.net;Pauline Bax in Johannesburg at pbax@bloomberg.net

To contact the editors responsible for this story: Karl Maier at kmaier2@bloomberg.net, Rene Vollgraaff, Gordon Bell

©2018 Bloomberg L.P.