World leaders reject various forms of trade barriers

trade barriers

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

trade barriersParticipants in the Leaders Roundtable of the Belt and Road Forum for International Cooperation adopted a joint communique.
“We reaffirm our shared commitment to build open economy, ensure free and inclusive trade, oppose all forms of protectionism including in the framework of the Belt and Road Initiative,” the communique said.

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

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, it said.

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 interested countries, said the document.

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, according to the document.

They 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, it said.

By Li Ning from People’s Daily/

Send your news stories to and via WhatsApp on +233 244244807
Follow News Ghana on Google News