Wang Wen, executive dean of Chongyang Institute for Financial Studies, delivers his speech during the annual conference of the Istanbul Chamber of Industry on Feb. 13, 2016. (Photo/China.org.cn)
The major international trade pacts known as the Trans-Atlantic Trade and Investment Partnership (TTIP) and Trans-Pacific Partnership (TPP) will involve historical errors without China's participation, a Chinese expert claimed during the annual conference of the Istanbul Chamber of Industry on Saturday.
Wang Wen, executive dean of Chongyang Institute for Financial Studies, a think tank under Beijing's prestigious Renmin University, made the remark during a session on the rise of free trade agreements.
As the only Chinese representative invited to the event, Wang voiced his concern on China's exclusion from TTIP and TPP that are set to launch a new revolution in the international economic and trade system.
"Fresh trade protectionism is taking shape with new forms, and the unnecessary internal frictions in competition between developed countries and emerging economies continue to grow," said Wang, expressing concern the negative influences of TPP and TTIP could cause large scale strategic misjudgment, and increase tensions and uncertainties in the global economic and political systems.
He said the controversial trade pacts, which exclude all emerging economies, such as China, India, Russia, Brazil, and whose standards are obviously favorable to the developed nations, overlook the former's rights, and constitute a powerful rejection and even discriminate against them. He regarded the pacts as a de facto trade barrier protecting the developed countries' interests.
"I see the intention of rejecting China as a kind of 'trade ignorance'," said Wang as he pointed out the mammoth trade volumes generated from the Far East powerhouse. "This is not a means to promote globalization, but a declaration of war against globalization."
He suggested a careful consideration for the pros and cons of the two pacts as well as corresponding risks, and necessary adjustments over time.
"The international community should maintain communications on global trade, especially through the institutionalization of the trade ministers conference of the G20," Wang stressed.
He also urged all parties to cherish results attained in free trade negotiations under the WTO framework and pay attention to and support the regional economic and trade cooperation net currently forming under the "Belt and Road Initiative" put forward by China.
Entrepreneurs and economic decision-makers, including Pascal Lamy, former Director-General of the World Trade Organization (WTO), Erdal Bahcivan, Chairman of the Istanbul Chamber of Industry, and Jacques Pelkmans of the Center for European Policy Studies, also offered their opinions on the topic.
