Bishop warns world against trade battles

Former Australian foreign minister Julie Bishop says the world must maintain the international trading system to avoid "chaos and conflict".

Former foreign minister Julie Bishop

Former foreign minister Julie Bishop says the world must maintain the international trading system. (AAP)

Rising protectionism and nationalism must be reined in instead of allowing the international system to be thrown into "chaos and conflict", Australia's former foreign minister says.

Julie Bishop is speaking at a World Economic Forum in Dubai on Sunday night and is set to tell the crowd how the current international system must be reformed and protected.

The comments come after the United States under President Donald Trump has raised tariffs, renegotiated trade deals and started a trade war with China.

"There are challenges to the existing international rules-based order, as some nations and policymakers seek to maximise their advantages and adopt a more assertive zero-sum approach to engagement with other nations," Ms Bishop will say on Sunday.

"There is a harder unilateral edge, however, there is not a concerted effort to abandon or overthrow this order.

"Any such effort would lead to chaos and conflict, to no one's advantage.

"Nations and policymakers must redouble their commitment of that order, as it has brought enormous global benefit."

Ms Bishop urged countries considering going down the protectionist and nationalist route to think again.

"A world without rules to regulate relations between nation states would not be a supportive environment of economic growth and would be a less certain world for everyone," she says.

"The World Trade Organisation Consensus Model needs to be reformed and we need to find a way to reinvigorate enthusiasm for global trade reform and to guard against protectionism.

"We should resist giving way to short-term populist stances by those seeking political advantage which is a risk in many nations today."


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Source: AAP


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Bishop warns world against trade battles | SBS News