Russia, China to Combat Trade Protectionism

Russia and China have agreed to jointly combat trade protectionism and refrain from using unilateral carbon pricing measures. The agreement was made during the Russia-China summit. Russian Economic Development Minister Maxim Reshetnikov and Chinese Minister of Commerce Wang Wentao signed a joint statement on support for open trade and multilateralism.

Agreement Details

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. The agreement also concerns the non-compliance with WTO rules of unilateral sanctions and illegitimate tariffs.

Global Trade Context

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. Maintaining and developing a sustainable multilateral trading system and predictable rules of the game remains a strategic priority for responsible multilateral trade participants.

Key points

• Russia and China agreed to jointly combat trade protectionism.
• They will refrain from using unilateral carbon pricing measures.
• The agreement was signed by Russian Economic Development Minister Maxim Reshetnikov and Chinese Minister of Commerce Wang Wentao.
• The parties consider that economic and trade consultations with a third party should not be directed against any other party.
• The agreement aims to improve bilateral trade, economic, and investment cooperation.
• The parties will work to preserve the fundamental principles of the WTO and restore an effective WTO dispute resolution system.