Leaders stress global trade benefits
Print Edition
LEADERS of the G20 nations resolved to combat a “populist backlash” against global trade and highlight the benefits it has brought, including lifting millions out of poverty, the International Monetary Fund’s Christine Lagarde said yesterday.
Lagarde said the benefits of free trade in terms of lifting productivity, giving people choices and hauling them out of poverty were being drowned out by the chorus of opposition.
There was “a determination around the room to better identify the benefits of trade in order to respond to the easy populist backlash against globalization,” the IMF managing director said after the Hangzhou summit.
“The way, for instance, China has managed to bring more than 700 million people out of poverty toward the formation of a middle class. Those stories are not really included in the narrative that we have at the moment.”
But in a concession to the feeling that many have been left behind, she said globalization “has to benefit all, not a few.”
In his speech on Sunday President Xi Jinping delivered a stern warning over sluggish global growth, financial market turbulence and receding global trade and investment.
But the talks took place amid a perception the global economic order exemplified by the G20 is not working for ordinary people, a mood making it difficult for many leaders to make meaningful commitments.
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