AIIB President Jin Liqun criticizes advanced economies for creating trade barriers

Jin Liqun, president of the Asian Infrastructure Investment Bank (AIIB), criticized advanced economies for creating trade barriers, including on renewable energy products. He stated that there is “no longer free trade” in the global economy. Jin noted that trade conflicts between advanced and emerging economies have increased, partly because manufacturers in emerging economies have improved their competitiveness.

Emerging economies that build up capacity for trade and become competitive could be accused of over-capacity “no matter how much benefit you can bring to your trade partners,” he said. “It’s no longer free trade, because you cannot rely on the WTO rules,” Jin told the Group of Thirty (G30) International Banking Seminar. “What worries us even more is the barriers to trade in low carbon and renewable energy products, which are rising even more faster, just when we need more of these green products to save the planet,” he said.

The Asian Infrastructure Investment Bank (AIIB), established as China’s response to the World Bank, welcomed its 110th member state during its annual meetings in Uzbekistan last month. This multilateral lender, which boasts a triple-A credit rating, is emerging as a significant player in connecting economies that China seeks to expand.

The Asian Infrastructure Investment Bank (AIIB) began its operations in 2016 and has attracted prominent member countries, including the United Kingdom, India, South Korea, France, and Germany. China holds 27 percent of the voting rights in the AIIB, whereas it has less than 6 percent at the World Bank. Although several Western nations have joined the AIIB, the United States, which holds about 16 percent of the votes at the World Bank, has chosen not to participate in the AIIB.

Have you read?
World’s Most Innovative Countries, Best Fashion Schools. Best Universities. Best Medical Schools. Best International High Schools. Countries: Most Female Billionaires.