International trade was now following “the rules of the jungle” the CEO of the Ministry of Commerce, Consumer, Innovation, Trade and Labour said this week.
And he accused the United States, China and Canada of starting a trade war.
Edgar Cocker said the World Trade Organisation’s multilateral trading system was becoming weak and Tonga would be better off pursuing more beneficial trade deals.
He said Tonga should concentrate on joining the Economic Partnership Agreement and benefit from PACER Plus.
As Kaniva news reported yesterday, Tonga is working to joining the EPA which is designed to open up trade between the Pacific and the EU.
Tonga hoisted the signing of the PACER Plus regional trade agreement in 2017 and earlier this year proposed hosting the PACER Plus office in Tonga.
Cocker said United States President Trump, President Xi Jinpin of China and Prime Minister Justin Trudeau of Canada had all ignored the WTO’s dispute resolution platform and created a trade war.
“Why is WTO quiet now?” Cocker asked.
“Where is the Appellant system that was put in place by all of the 164 WTO members.
“The global multilateral trading system is now in a handicap mode.
“In my view Tonga should now focus more on EPA and PACER plus, because we have already seen fruitful benefits, and more to come in the near future.”
Cocker said diplomatic action should be taken to launch a global complaint about the trade war because it would kill every country’s economies.
He said market values of US dollars and the Chinese RMB were skyrocketing and the UK pound was weakening against the Euro as a result. I
“It makes our cost of living a nightmare,” he said.
The main points
- International trade was now following “the rules of the jungle” the CEO of the Ministry of Commerce, Consumer, Innovation, Trade and Labour said this week.
- And he accused the United States, China and Canada of starting a trade war.
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