Thursday, July 29, 2021

Will India Back China at BRICS Summit To Fight US Protectionist Trade Policy?

China is keen to bolster India-China Trade Relations as well as to garner support from other BRICS nations so as to substantiate its fight against the unilateralism of the US. China’s finance ministry stated that the BRICS nations have agreed to support China in its fight against the protectionism being exerted by the US. This statement from China’s finance ministry came after Donald Trump threatened to impose more tariffs on imports from China.

US President Donald Trump recently stated that he is even ready to stamp tariffs worth $500 billion on imports from China. In response to these threats, China is rallying support from the major developing economies of the world.

A meeting at the G20 summit in Buenos Aires between the finance ministers and central bankers from India, Russia, Brazil and South Africa have extended their support to China’s cause.

The finance minister of China said that the BRICS should firmly support multilateralism and economic globalization. He further stated that the BRICS should unequivocally oppose unilateralism and protectionism in any form. He also urged his counterparts to push to make the advanced nations adopt more responsible economic policies.

At the meeting, China also committed its support to improve the infrastructure in BRICS nations and other developing economies of the world. The 10th BRICS Summit will take place in South Africa later this month and the BRICS nations would surely feel the need to discuss the unilateralism shown by the US. All developing economies share major concern over the Trade War initiated by the US.

Japan and EU Signed Massive Trade Deals 

As reported earlier by the Eurasian Times, Japan and the European Union signed a grand free trade deal in a show of unity against the protectionism and unilateralism of the US.

The Japanese Prime Minister said during the ceremony that there are rising concerns about protectionism which need to be addressed. He said that he wants Japan and the European Union to lead the world by bearing the flag of free trade.

More News at EurAsian Times

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