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Wang Yi: Value-based trade goes against basic laws of economics

2022-05-31 17:06

During his visit to Fiji on 30 May 2022 local time, State Councilor and Foreign Minister Wang Yi noted that the United States has recently put forward a so-called Indo-Pacific Economic Framework and claimed to build a free, open and inclusive new order. However, if an economic framework does not lower tariffs, how can it be free? If it does not expand market access, how can it be open? If it deliberately excludes China, the largest market in the region and beyond, how can it be inclusive? What the United State is actually doing is putting other countries in a frame of its own standards and rules, and setting up a parallel system alongside the multilateral trading system based on the World Trade Organization. The United States is trying to politicize and weaponize economic matters and even to make it an ideological issue. Even normal trade in goods is to be judged by whether it conforms to U.S.-style values or not. Such an approach runs counter to the basic laws of economics, puts shackles on the free market, and goes against the trend of economic globalization defined by exchanges and complementarity. It probably would get nowhere.

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