Tuesday, 25 September, 2018

China says there will be 'no winner' in global trade war

PM Narendra Modi to address BRICS Summit in South Africa hold talks with Vladmir Putin Xi Jinping China to invest $14b in South Africa
Glenn Montgomery | 26 July, 2018, 10:43

South African President Cyril Ramaphosa also warned of the impact that tariff threats by US President Donald Trump would have on developing countries.

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.

Trade tension between the U.S. and the rest of the world poses a risk to the global economy, with the International Monetary Fund warning earlier in July that it could lead to decline in global growth by as much as 0.5% by 2020, or about $430bn in lost GDP worldwide.

China has told developing nations there would be no victor in a global trade war.

"We have signed several agreements and memorandums of understanding that are meant to further deepen our relations, including investment commitments to the value of $14 billion", Ramaphosa said, standing beside Xi.

Ramaphosa says he's concerned that worldwide trade laws are being violated as a result of countries acting unilaterally.

In a speech aimed largely at the Trump administration in the US, President Xi said there could be no victor in any trade war.

In economic terms, BRICS countries account for about 30 per cent of global gross domestic product (GDP) and these countries control some 43 percent of global foreign exchange reserves.

Meanwhile‚ minister of trade and industries‚ Rob Davies‚ said that South Africa was giving more than it got in its investment partnerships with Brics countries - and this had to change.

Analysts say its members have struggled to find a unified voice, but their common opposition to U.S. trade policy could help to galvanise them.

"They come with the national interests of their countries".

Chinese President Xi Jinping raised his concerns as the three-day summit began in South Africa. The summit runs through Friday with various heads of BRICS attending.

"South Africa, and Africa more broadly, can benefit from increasing exports to fast growing countries like India and China", Kenneth Creamer, an economist at Johannesburg's Wits University, told AFP.

"BRICS has the strategic potential to re-shape world trade".

Turkish leader Recep Tayyip Erdogan will also attend a summit as the current chair of the Organisation of Islamic Cooperation (OIC) and will meet Putin on the summit's sidelines.

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