China responded to Obama’s statement on U.S. leadership in global trade

Chinese foreign Ministry commented on the words of us President Barack Obama that the U.S. should not give in to the Beijing leadership in establishing international trade rules, according to Reuters.

The representative of the Chinese Ministry Hong lei said that global trade rules should be established by all countries, not just one party.

The Chinese diplomat added that the position of Beijing on the TRANS-Pacific partnership (Trans-Pacific Partnership (TPP) is open, and together with the regional Comprehensive economic partnership (Regional Comprehensive Economic Partnership, RCEP) it will help to ensure the establishment of a free trade area in the Asia-Pacific region.

Yesterday Obama urged not to give China the lead in establishing international trade rules. The President of the United States published a programmatic article in The Washington Post in which he called to accelerate the ratification of the agreement on the TRANS-Pacific partnership to maintain that lead.

“The United States and not countries such as China, must write them,” wrote Obama. According to the American leader, increased trade will benefit American businesses. He acknowledged the presence of skepticism in the United States in relation to new trade agreements, primarily in those American cities, where the reduced number of jobs.

“But building a wall to isolate itself from the global economy, will only isolate us from the incredible opportunities that this economy provides. Instead of isolation, America needs to write the rules. America needs to be headed. Other countries must play by the rules, which will set America and our partners, and not Vice versa,” — said Obama.

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The TRANS-Pacific partnership — trade and international economic organization whose purpose is the creation of a free trade zone in the Asia-Pacific region. The U.S. and 11 countries in the Asia-Pacific region reached an agreement on the establishment of TRR on 5 October 2015. We are talking about creating a free trade zone encompassing around 40% of global GDP and about one-third of world trade. In addition to the US the partnership includes Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile and Japan.

Russia and China did not participate in the negotiations.