Tuesday, 18 December, 2018

China's Xi says 'no winner' in any trade war

China's Xi says 'no winner' in any trade war China's Xi says 'no winner' in any trade war
Gerardo Duncan | 26 July, 2018, 10:44

"China is ready to invest and work with South Africa in various sectors, such as infrastructure development, ocean economy, green economy, science and technology, agriculture, environment and finance", Ramaphosa told journalists following the meeting.

Chinese President Xi Jinping, following his visit to the UAE last week, has already used his arrival in Africa to forge friendships and consolidate influence with multibillion-dollar investments in the continent, including South Africa, which counts China as its biggest trading partner, Bloomberg reported.

"As BRICS, we should be resolute in rejecting unilateralism and protectionism". "A global trade war should be rejected because there will be no victor".

"It is hard to deny that the global market sentiment continues to be manipulated in large extents by the trade war uncertainties, which many think represent the largest risk to the world economy since the global financial crisis", Global Head of Currency Strategy and Market Research at FXTM Jameel Ahmad told AFP.

South Africa is likely this week to provide a platform for a Chinese-led fightback against US President Donald Trump's protectionist agenda as it hosts leaders of the so-called Brics group of nations, encompassing Brazil, Russia, India, China and South Africa.

"We are meeting here at a time when the multilateral trading system is facing unprecedented challenges", said Ramaphosa.

He will participate in the two-day BRICS Summit, whose theme this year is "BRICS in Africa".

China's Xi says 'no winner' in any trade war
China's Xi says 'no winner' in any trade war

Xi called on the developing world to rise against United States protectionism, warning that the tariffs that the world's biggest economy had imposed on imports would have far-reaching implications for emerging nations and markets.

Mr Ramaphosa said: "We are concerned by the rise in unilateral measures that are incompatible with World Trade Organization rules and are anxious about the impact of these measures, especially on developing countries".

But, she said, BRICS may use that adversity to seek to build a new world order, even beyond the five-member bloc.

According to Minister for Trade and Industry Rob Davies, who addressed the BRICS Business Forum: "South Africa is collateral damage in the current trade wars, as the global trading system is being rebalanced not in the interests of the majority, but in the interests of one party".

Addressing the Business Forum, chairman of the BRICS Business Council Dr Iqbal Survé noted that the NDB is projected to give more loans to the BRICS countries over the next few years than the World Bank gave to them in 75 years.

BRICS takes up 26 per cent of the world's land mass.

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