Russia, China agree not to apply trade-restrictive measures in carbon pricing
MOSCOW. May 20 (Interfax) - Russia and China adopted a joint statement in support of open trade in Beijing on Wednesday, in particular agreeing not to apply unilateral carbon pricing measures that could restrict trade, the Russian Economic Development Ministry said.
This is set out in the joint statement on supporting open trade and multilateralism adopted on May 20 on the sidelines of the Russian-Chinese summit. The document was signed by Russian Economic Development Minister Maxim Reshetnikov and Chinese Commerce Minister Wang Wentao in the presence of the heads of state.
"The growing trend of using trade policy instruments to achieve political goals, fueled by aggressive protectionism, leads to a slowdown in economic development and further fragmentation of world trade. Under these conditions, preserving and developing a sustainable multilateral trading system and predictable rules of the game remains a strategic priority for responsible participants in multilateral trade," the Economic Development Ministry quoted the text of the statement as saying.
"The ministers agreed to support open and fair trade and jointly counter unilateral coercive measures and trade protectionism. This includes not applying unilateral carbon pricing measures that could restrict trade, as well as improving bilateral trade and economic and investment cooperation. In the context of growing turbulence in the global trading order and the use of trade as a weapon by some countries, an important element of the statement was the parties' agreement not to take steps that could negatively affect mutual trade between the two countries," the ministry said.
The Economic Development Ministry also noted that preserving an open and non-discriminatory multilateral trading system based on World Trade Organization (WTO) rules consistently falls within the range of issues discussed by Russia and China both bilaterally and in the format of multilateral cooperation. "In many respects, Russian and Chinese positions are aligned. This primarily concerns the inconsistency of unilateral sanctions and illegitimate tariffs with WTO rules, the preservation of the fundamental principles of the WTO, and the restoration of an effective WTO dispute settlement system as a necessary condition for ensuring that WTO members fulfill their obligations," the ministry said.
"The parties believe that economic and trade consultations with a third party should not be directed against the other party and should not be conducted with the aim of restricting trade with the other party. The parties agree to maintain communication and strengthen coordination regarding trade measures involving third parties," the signed statement also said.
