A landmark 11-country deal that will slash tariffs across much of the Asia-Pacific region will come into force at the end of December, New Zealand said on Wednesday, a rare bright spot for global commerce as the U.S.-China trade war intensifies.
Asserting that the current situation at the World Trade Organization is no longer sustainable, the Ottawa Ministerial on WTO reform Thursday vowed to fight against protectionism.
Issues including increasing protectionism, challenges to promote global commerce and new industrial revolution would figure in the meeting of G-20 trade and investment ministerial meeting in Argentina tomorrow, an official said.
Chunhua called for a rejection of protectionism and said unilateral trade policies by some countries posed a “most serious hazard” to the world economy.
Protectionism and unilateralism were rearing their heads in global politics and the states of northeast Asia should work together to counter that trend, Chinese President Xi Jinping said.
The growing global trend toward economic protectionism and barriers to trade is a particular challenge for Asia’s economies, Russian President Vladimir Putin said.
Chinese President Xi Jinping said on Tuesday that Russia and China should work together to oppose protectionism and what he called unilateral approaches to international problems.
The Indian economy is expected to grow by around 7.5 per cent in 2018 and 2019 as it is largely resilient to external pressures like those from higher oil prices, Moody's Investors Service said.
India Ratings today revised down its economic growth forecast for financial year 2018-19 by two notches to 7.2 per cent citing rising inflationary risks.
Risks to global growth are growing as the risk of protectionism and the threat of higher U.S. tariffs sap confidence, the European Central Bank said in a regular economic bulletin.