Xi, G20 leaders to fight ‘protectionist’ trade policies
September 5, 2016, 12:49 am

Xi called on the G20 to put action to words and end protectionism and isolationism in international trade [Xinhua]

During the opening session of the 11th G20 summit in Hangzhou, Xi said that increased trade protection over the years has poisoned the global trade environment.

“The G20 should resolutely oppose the beggar-thy-neighbor policy, and advocate and promote the building of an open global economy.”

A majority of leaders, business chiefs and industrialists attending the G20 – as well as the Business 20 (B20) held on the eve of the opening summit – agreed with Xi.

“That is a road we cannot afford to go down. It would be a mistake of historic proportions for the G20 to stand by while scare campaigns not based on facts or evidence fostered protectionism or, indeed, isolationism,” said Australian Prime Minister Malcolm Turnbull.

He said that the G20 should find ways to rebuild trust between trading nations.

Ahead of the summit, Canadian Prime Minister Justin Trudeau said that it’s tempting to fall into divisive, fearful rhetoric.

“That’s one of the things we have to be strongly compelling in standing against,” he warned.

But Xi called on G20 leaders to put action to words.

“We should turn the G20 group into an action team, instead of a talk shop,” he said. He urged that the G20 work against isolationism.

Meanwhile, some leaders came out swinging against the British decision to exit (Brexit) the European Union.

Japan’s G20 delegation delivered a 15-page report warning the UK that it stands to lose much Japanese investments and corporate presence if Brexit negotiations crumble and London loses many of the single-market privileges it used to enjoy.

“Japanese businesses with their European headquarters in the UK may decide to transfer their head-office function to Continental Europe if EU laws cease to be applicable in the UK after its withdrawal,” the report warned.

The BRICS Post with input from Agencies