Global Biz

China warns against rise of trade protectionism

Updated: 2010-11-11 06:41

YOKOHAMA, Japan - Countries need to guard against the rise of trade protectionism as uncertainties remain in the world economy, a senior Chinese trade official said on Wednesday.

Speaking at the ministerial meeting of the Asia-Pacific Economic Cooperation (APEC) forum, China's Vice Commerce Minister Yi Xiaozhun, called on countries to work together to fight trade protectionism as difficulties and uncertainties remain in the world economy and economic recovery is going to be a long process.

On the Doha round of global trade talks, Yi said China believes a successful completion of the negotiations will help the recovery of the world economy and hence benefit economies in the Asia- Pacific.

"The Doha round is a development round. Developed economies should make substantial efforts on cutting farm subsidies and removing market barriers to ensure a fair and balanced outcome so that developing economies will truly benefit," he said.

The ministerial meeting came just three days ahead of an APEC summit in Yokohama, where leaders will mainly ponder the future direction for regional economic integration, formulate a new regional growth strategy and discuss an assessment of the achievement of the Bogor Goals of free and open trade and investment, adopted at a 1994 APEC summit in Indonesia.

Five developed economies are subject to assessment over the achievement of the Bogor Goals at the APEC summit in Yokohama and eight developing economies volunteered to participate this year, including South Korea, Singapore and China's Hong Kong.

Yi urged developed member economies to be more open in the trade of goods and services as well as investment ?and said they also need to enhance technological cooperation and capacity building to help developing member economies to increase competitiveness of their industries.

As to regional economic integration, he stressed the principle of transparency and openness in regional cooperation, saying diversity should be respected and core concerns cared for.