Business / Hangzhou G20

Opposition to trade protectionism important result of summit

(Xinhua) Updated: 2016-09-06 13:43

MEXICO CITY - The consensus to reject trade protectionism is an important result of the G20 Summit in Hangzhou, China, when the world is facing a sluggish economy, Mexican expert Jose Luis Leon-Manriquez said during a recent interview.

"It was important that President Xi Jinping made this call about protectionism since recent events, such as Brexit (Britain's exit from the European Union) or the run-up to the US election, have seen a protectionist agenda," said the researcher with the Autonomous Metropolitan University.

"The G20 is aware that a difficult time is coming as these protectionist tendencies could undo the successes of the international economic system," he explained.

G20 leaders are very worried about the protectionist tendency, as these countries have bet on international trade as a way of integrating the global economy, and "their concern is well founded," Leon-Manriquez said.

At the end of the G20 Summit on Monday, Xi told the press that the G20 members had agreed to cooperate on opening up global trade.

At the summit, the G20 members signed the Hangzhou Consensus to pursue open, interconnected and inclusive long-term growth. The consensus states that the countries would deploy fiscal, monetary and structural reforms to avoid short-term risks.

The summit will leave a positive legacy to the world, as the G20 members have pledged to take joint and various efforts to stabilize the global economy, Leon-Manriquez said.

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