Trade balance to reduce friction
By Wang Yanlin |
June 19, 2010, Saturday
|
Print Edition
Print Edition
AS global trade disputes won't fade away easily China should try hard to balance its exports and imports so that there will hopefully less trade friction, Supachai Panitchpakdi said yesterday in Shanghai.
The secretary-general of the United Nations Conference on Trade and Development and former director-general of the World Trade Organization said countries should prepare for a long battle on trade disputes as governments worldwide wound down their stimulus measures.
"When the governments no longer provide stimulus, manufacturers and traders will look for other ways of protection," Supachai told Shanghai Daily. "Countries like China, which has a huge surplus, should try to balance as possible as they can."
Since the middle of 2009, China has been a target of global trade disputes. Its trade practices were the subject of 19 trade remedy probes involving US$1.19 billion in the first quarter, up 93 percent from a year ago.
Supachai also suggested that China should cut the use of a dispute settlement mechanism -- a legal platform to deal with trade rows.
"It is because such an approach won't help to create trust between countries," he said. "I think diplomatic measures and frank negotiations can work better."
Supachai became WTO director-general in 1999 and was appointed as UNCTAD secretary-general in 2005.
The secretary-general of the United Nations Conference on Trade and Development and former director-general of the World Trade Organization said countries should prepare for a long battle on trade disputes as governments worldwide wound down their stimulus measures.
"When the governments no longer provide stimulus, manufacturers and traders will look for other ways of protection," Supachai told Shanghai Daily. "Countries like China, which has a huge surplus, should try to balance as possible as they can."
Since the middle of 2009, China has been a target of global trade disputes. Its trade practices were the subject of 19 trade remedy probes involving US$1.19 billion in the first quarter, up 93 percent from a year ago.
Supachai also suggested that China should cut the use of a dispute settlement mechanism -- a legal platform to deal with trade rows.
"It is because such an approach won't help to create trust between countries," he said. "I think diplomatic measures and frank negotiations can work better."
Supachai became WTO director-general in 1999 and was appointed as UNCTAD secretary-general in 2005.
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