Protectionism has no future: Chinese FM

(ECNS) -- The World Trade Organization (WTO) recently released the World Trade Report 2024, in which the WTO reiterated the importance of trade in reducing poverty and creating shared prosperity, and pointed out that mounting protectionism threatens to unwind 30 years of progress in closing income gaps between the poor and the rich.

WTO Director-General Ngozi Okonjo-Iweala said that protectionism is not an effective path to inclusiveness. Instead, more and better trade is the path to bring more economies and communities from the margins to the mainstream of the global economy.

Citing this report, Chinese Foreign Ministry spokesperson Mao Ning said the rising protectionism will harm the growth prospects of all economies, but the poor and economically marginalized will suffer the most.

China is an important contributor to open trade, Mao said, “we have all along firmly opposed trade protectionism. We advocate a universally beneficial and inclusive economic globalization, and stays committed to bridging the North-South divide by promoting global development through trade.”

Mao stated that at the Beijing Summit of the Forum on China-Africa Cooperation, Chinese President Xi Jinping announced that China will implement ten partnership actions, including the Partnership Action for Trade Prosperity, unilaterally open its market wider, and give the least developed countries in Africa zero-tariff treatment for 100 percent tariff lines. This has made China the first major developing country and the first major economy to take such a step, she added.

The spokesperson stressed that protectionism has no future. “Prosperity and stability cannot be possible in a world where the rich become richer while the poor are made poorer. We stand ready to discuss with more Global South countries free trade arrangements, help other developing countries improve their transport and logistics through practical cooperation, including Belt and Road cooperation, and make them stronger players in international trade,” she concluded.