Chinese President Xi Jinping has condemned the rise of protectionism and unilateralism, warning that trade wars and tariff wars are severely disrupting the global economy. Speaking at the Virtual BRICS Summit on Monday, Xi emphasized the need for countries to uphold the multilateral trading system and promote international cooperation.
The Chinese leader’s comments come amid a significant increase in international trade tariffs, which some attribute to the new tax regime imposed by the United States earlier this year. Although Xi did not specifically mention any countries, his message was clear: protectionism and trade wars undermine international trade rules and hinder global economic growth.
The Virtual BRICS Summit was convened to discuss pressing issues of common interest, particularly as the world undergoes a “transformation unseen in a century.” Xi encouraged the BRICS nations, which account for nearly half of the world’s population and one-fifth of global trade, to defend the multilateral trading system and advance greater cooperation to promote international fairness, peace, and development.
Xi emphasized that economic globalization is an irreversible trend and that countries cannot thrive without an open and cooperative international environment. He urged the BRICS member-states to strongly uphold the multilateral trading system with the World Trade Organization and oppose all forms of protectionism.
The Chinese president also expressed his country’s readiness to work with fellow BRICS countries to implement the Global Development Initiative and advance high-quality Belt and Road cooperation. This move is seen as an effort to strengthen synergy for common development among the BRICS nations.
The Virtual BRICS Summit was initiated by Brazilian President Luiz Inacio Lula da Silva, and while Russian President Vladimir Putin’s speech at the gathering was not released to the press, the meeting highlights the growing importance of the BRICS alliance in promoting global economic cooperation and development. As the world navigates an increasingly complex and interconnected economic landscape, the BRICS nations are poised to play a significant role in shaping the future of international trade and cooperation.
