HBIS Calls For Cooperation To Build Free Trade Order In Global Markets

- Oct 19, 2018-

Reuters reported that Mr Yu Yong, HBIS Group chairman, in a keynote speech at the World Steel Association’s general assembly in Tokyo while calling for more openness and win-win cooperation to build a new order in global markets, said “Protectionism poses severe challenges to the world economic order and steel trade. Economic globalization has become an irreversible trend. Facing the increasingly complicated international trading environment, we realize how important free trade and rule-based order is.”

He said “Excessive trade protection is protecting poor companies and preventing high-cost and less-competitive players from being phased out by market forces, which hinder the progressive transformation and competitiveness of the steel industry. I firmly believe opening up and win-win cooperation will lead us to common prosperity of the world economy and a healthy development of the global steel industry. I appeal that all the steel associations worldwide ... make joint efforts to safeguard global free trade system.”

His comments come as the United States and China have engaged in a tit-for-tat tariff war since early this year, covering hundreds of billions of dollars worth of goods traded between the world’s two largest economies.

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