Asean, Australia reject trade protectionism!

SYDNEY: The Association of Southeast Asian Nations (Asean) and Australia reject protectionism, Australian Prime Minister Malcolm Turnbull and his Singapore counterpart said on Friday, amid fears about a possible trade war sparked by US plans to raise tariffs on steel and aluminium imports.“You don’t grow stronger by closing the door to other markets. Protectionism is a dead end. It is not a ladder to get you out of the low growth trap, it is a shovel to dig it much deeper,” Turnbull told a special meeting of Asean in Sydney.
“We must face the world, not turn from it. Embrace free trade, not retreat from it,” Turnbull said on day one of the three-day summit.
The anti-protectionism comments come as market sentiment sours with signs of a looming trade war between the United States, China and Europe over US President Donald Trump’s plans to raise tariffs on steel and aluminium imports, and possibly up to $60 billion worth of Chinese imports, targeting technology and telecommunications sectors.
“I know the global mood may be heading in the opposite direction but within Asean we are working to deepen and deepen interdependence to work together to open up markets,” Singapore Prime Minister Lee Hsien Loong said.
Australia is hosting the Asean meeting, despite not being a member of the 10-nation bloc, as it seeks to deepen political and trade ties in the face of China’s rising influence. — Reuters