China, Vietnam support multilateral trade regime amid U.S. tariff pressure

China, Vietnam support multilateral trade regime amid U.S. tariff pressure

Hanoi | Reuters — China and Vietnam expressed their support for maintaining a multilateral trade regime centered around the World Trade Organization in a joint statement issued on Tuesday at the end of a two-day visit by Chinese President Xi Jinping.

The visit by Xi, which had been planned for months, came as Beijing faces 145 per cent U.S. tariffs, while Vietnam is negotiating a reduction of threatened U.S. tariffs of 46 per cent that would otherwise apply in July after a global moratorium expires.

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The two nations also jointly opposed hegemony, power politics, and unilateralism, according to the joint statement.

“Faced with the uncertainty, instability and unpredictability of the international situation, the two sides will firmly uphold multilateralism,” the joint statement said.

U.S. President Donald Trump said on Monday that the two countries’ discussions were focused on how to harm the United States, but that he did not blame them for holding such talks.

In the joint statement, Vietnam also said it was ready to discuss a partnership with the BRICS grouping of countries.

Vietnam’s Prime Minister Pham Minh Chinh attended a BRICS summit as an observer for the first time last year, but Hanoi has so far not accepted an invitation to become a formal partner of the club led by Brazil, Russia, India, China and South Africa.

Last month, during his visit to Vietnam, Brazil’s President Luiz Inacio Lula da Silva invited Vietnam to the BRICS summit that Brazil will host in July.

In Tuesday’s statement, the two countries also eyed research and cooperation in the key mineral sector, in accordance with the laws and industrial policies of each country.

During Xi’s visit, China and Vietnam have signed 45 agreements, including deals on enhancing supply chains and on cooperation over railways, state media of both countries reported.

— Reporting by Phuong Nguyen and Francesco Guarascio

Source: Farmtario.com

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