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Category: Trade / Business, Economics and Finance / World Politics / Government and Politics

Turnbull warns of protectionism 'scare campaigns'

Sunday, 4 Sep 2016 11:39:29

Mr Turnbull urged G20 leaders to fight to keep their markets open to trade. (Reuters: Aly Song)

Prime Minister Malcolm Turnbull has warned leaders meeting at the G20 summit in China that they must push back against fresh calls for protectionism.

During an address to business delegates in the city of Hangzhou, Mr Turnbull said economic changes were leaving some people in traditional industries feeling marginalised.

He said increasing calls for trade barriers in places such as the United States would be detrimental for all.

"Protectionism, trying to turn back the clock of economic reform, that is the road to poverty," he said.

"It would be a mistake of historic proportions for the G20 to stand by while scare campaigns not based on facts or evidence foster protectionism, or indeed isolationism," he added.

External Link: Tweet from Malcolm Turnbull: "Discussing the benefits of trade and opportunities for Australian exports & services with President Xi #G20Hangzhou"

Mr Turnbull urged G20 leaders to fight to keep their markets open to trade, using Australia as an example of where trade has helped the economy to continuously grow.

"I should note growth has not been delivered exclusively by trade liberalisation, but trade liberalisation has certainly played a big role in ensuring that Australians today continue to be among the richest and most prosperous people in the world," he said.

The Prime Minister also met with China's President, Xi Jinping, on the sidelines of the summit.

Chinese media is reporting that Mr Xi urged Mr Turnbull to give foreign investors a transparent and predictable policy environment.

The meeting comes just weeks after the Australian Government blocked two Chinese bidders from the sale of Ausgrid — the nation's largest electricity network.

In comments that hint at a discussion about China's assertive claims in the South China Sea, Mr Xi also urged Australia to respect China's core interests.

It was the first of several meetings Mr Turnbull will hold with world leaders — later today he is expected to meet with India's Prime Minister, Narendra Modi.

AustraliaPlus


 

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