Washington:
Crystalina Jorleywa, Managing Director of the International Monetary Fund, said on Thursday that both the US and China have trade complaints, but the world’s two largest economies need to reduce uncertainty and agree on a fair, rule-based trading system.
Georgieva, while speaking at an event in Washington before next week’s IMF and World Bank Spring Meetings, also welcomed India’s decision to reduce trade obstacles and said that Tariff could fall somewhere else amidst the conversation on President Donald Trump’s tariff.
Jorgeyva avoided direct criticism of Trump’s tariff attack on its business partners, given that the increase in tariffs and non-tariff trade barriers was feeding the negative perceptions of the multicolor system.
“This feeling of inappropriateness in some places fit the story,” we play with the rules, while others play the system without any punishment, “Zorviva said. “Trade imbalance steer trade tension.”
He said that there were complaints about China’s intellectual property practices and non-tariff barriers in the US, while China is demanding an American engagement that would put both economies to a solid rung.
“We want to see a decrease in uncertainty, and it is difficult to get there if the two largest economies are still looking for their feet and when, of course, from the point of view of the world economy, it is important that all this results is a more, fair, rule-based system,” Jorgeyva said.
The IMF chief said that India was uncomfortable with reducing tariffs and trade obstacles, but “India is now doing so.” He said that it would be helpful for the chances of growth of the country.
He said that it was possible that tariffs and other trade barriers could also come down in the European Union and encourage more bilateral and plurilator trade agreements.
“Okay, in injecting this moment, yes, it is a bilateral discussion, but I hope it will lead to some action to reduce, to eliminate the obstacles that can make widespread advantage to the world,” said Jorgety.
(This story is not edited by NDTV employees and auto-generated from a syndicated feed.)