MOSCOW, May 20. /TASS/. Russia and China have agreed to jointly combat trade protectionism and refrain from using unilateral carbon pricing measures, the Russian Economic Development Ministry reported following a joint statement on support for open trade and multilateralism adopted on the sidelines of the Russia-China summit. The document was signed by Russian Economic Development Minister Maxim Reshetnikov and Chinese Minister of Commerce Wang Wentao.
"The ministers agreed to support open and fair trade and jointly oppose unilateral coercive measures and trade protectionism. This includes refraining from unilateral carbon pricing measures that could restrict trade, and improving bilateral trade, economic, and investment cooperation. This primarily concerns the non-compliance with WTO rules of unilateral sanctions and illegitimate tariffs, the preservation of the fundamental principles of the WTO, and the restoration of an effective WTO dispute resolution system," the Russian ministry said.
The growing trend to use trade policy instruments to achieve political goals fueled by aggressive protectionism is leading to a slowdown in economic development and further fragmentation of global trade, the ministry noted, adding that under these circumstances, maintaining and developing a sustainable multilateral trading system and predictable rules of the game remains a strategic priority for responsible multilateral trade participants.
