China stresses need for united trade front

Ugly path of unilaterialism has affected economic stability, says envoy to India
Ahead of the next informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping, China has flagged its interest in partnering India for building a united front of emerging economies and developing countries to counter trade headwinds.Amid a spiraling trade war with the U.S., Ambassador-designate to India, Sun Weidong, told Indian journalists on Friday that “the ugly path of unilateralism and protectionism has now affected the growth and stability of the world economy.” “This will surely have an impact on the emerging markets and the developing countries because it also based on the international order that they rely on,” he observed. Seeking a bigger partnership with India on a global scale, Mr. Sun said on the eve of his departure to New Delhi that China and India had a “historical” duty to become frontrunners in protecting multilateralism and globalisation. He pointed out that the scale and impact of this initiative should echo the success of Panchsheel. The Chinese envoy flagged the reform of the World Trade Organisation, the defence of the UN system, cybersecurity, and climate change as the areas of China-India collaboration. Asked to comment on the trade gap between the two countries, he said China “highly values” India’s concerns. He pointed out that from last year, China had increased imports of Indian rice and sugar, along with stepping up the review and approval process for Indian pharmaceutical products. On the resolution of the border issue, Mr. Sun reiterated that the dialogue among the Special Representatives of the two countries, which began in 2003, had yielded the political principles guiding the resolution of the boundary row. Besides, “the basic principle of a package planned though mutual adjustment to resolve the boundary issue” had been identified.

Source : https://www.thehindu.com/todays-paper/tp-international/china-stresses-need-for-united-trade-front/article28623542.ece

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