In the ongoing global discussion on how to achieve a sustainable and green recovery, "trade protectionism" has emerged as a controversial and disruptive force. China’s Vice Minister of Commerce, Yi Xiaozhun, emphasized that any form of trade protectionism undermines the prospects for economic recovery and growth. He warned that if left unchecked, such practices could derail the global economic recovery.
**The Threat of Trade Protectionism to Global Recovery**
At the Boao Forum for Asia, Yi Xiaozhun highlighted that while the global economy is slowly recovering, there are growing concerns about weak global demand and an increase in trade protectionist measures. He pointed out that many countries are adopting more restrictive trade policies, which pose a serious threat to international trade and economic stability.
According to the World Trade Organization (WTO), the number of anti-dumping investigations launched globally in 2009 is expected to reach between 230 and 250, marking an 11% to 20% rise compared to the previous year. Meanwhile, countervailing investigations increased by a staggering 193% year-on-year, signaling a sharp escalation in trade barriers.
China has been one of the most affected countries by these protectionist measures. Data from the UK’s Global Trade Alert Office shows that since the November 2008 G20 summit, 61 trading partners have implemented 160 trade protectionist measures against China. An additional 111 measures are either planned or under consideration, making China the top target globally.
Yi Xiaozhun stressed that in an era of deepening economic globalization, no country can isolate itself and expect to recover independently. The interconnected nature of the global economy means that protectionist policies not only harm others but also hurt the implementing countries in the long run.
Regarding so-called "green barriers," he argued that regardless of the label, trade protectionism remains a harmful practice. “We must work together to resist all forms of trade protectionism; otherwise, future economic recovery and growth will be impossible,†he said.
Feng Guojing, chairman of the International Chamber of Commerce, echoed similar concerns. He noted that the global economy, especially the real sector, is recovering at a slower pace, with limited job creation and high unemployment rates. If countries continue to adopt protectionist measures, this fragile recovery could face severe setbacks. It is crucial that global leaders avoid misusing trade protectionism and prevent trade tensions from escalating further.
A recent WTO report warned that uncertainties surrounding the global economic recovery and persistently high unemployment rates mean that G20 members must remain vigilant against the resurgence of trade protectionism.
**Promoting Doha Negotiations to Combat Trade Protectionism**
Singapore's State Affairs Minister, Goh Chok Tong, suggested that developed nations should support developing countries in modernizing their technologies rather than resorting to trade protectionism. He emphasized that cooperation, not isolation, is the key to long-term economic stability.
Yi Xiaozhun reiterated the importance of free trade for global economic recovery. He pointed out that completing the Doha Round negotiations would provide a strong foundation for economic growth, create numerous jobs, and reduce the influence of trade protectionism.
Despite the slow progress, the Doha Round negotiations—covering agriculture, industrial goods, and services—have yet to move into their final phase. Participants at various forums agreed that advancing these talks is essential to counteract rising trade protectionism.
Feng Guojing added that a successful Doha Round would send a clear message to the world that multilateral trade, not protectionism, is the way forward to address global economic challenges.
Danish Prime Minister Anders Fogh Rasmussen also supported the idea that creating a robust international regulatory framework through initiatives like the G20 and the Doha Round is an effective way to curb the spread of trade protectionism.
In conclusion, the fight against trade protectionism requires global cooperation, transparency, and a commitment to open markets. Only through collective efforts can the world ensure a stable and inclusive economic recovery.
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