The far-out needs to reinforce an international rules-based order to avoid a situation where “the big fish eat the minuscule fish,” according to Australian Minister for Trade, Tourism and Investment Steven Ciobo.
Address to CNBC at the Credit Suisse Asian Investment Conference in Hong Kong on Wednesday, the diplomat recognized that there are some ongoing questions about the efficacy of the intercontinental trade regime, but he emphasized it should be strengthened.
“Fundamentally, there are some worldwide norms that need to be, in many respects, reinforced,” he said.
Of current, the Trump administration has been focused on eliminating trade deficits be means of its own domestic actions rather than through international mechanisms. In really, there have been reports that the U.S. is preparing $60 billion in duties on Chinese imports.
But no matter what the United States opts to do on marketing, Ciobo said his focus will be on “working with all countries to indicate sure that we can reinforce those structures and those vehicles be fond of the [World Trade Organization] which are responsible for policing the conduct of countries about the world.”
Without a rules-based order — like that established by WTO more often than not reign overs — the world will see “the big countries rolling over the small countries,” he commanded.
Ciobo emphasized he didn’t believe the global trade order was currently immaculate, but he said that countries are nevertheless seeking to “open up opportunities for custom, for investment.” He cited the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership — a noteworthy trade agreement — as an example of that march forward on trade liberalization.
Earlier this week, Ciobo advised a group at Hong Kong’s Foreign Correspondents’ Club that there wish be “anarchy” without the WTO’s rules.