China and Spain oppose protectionism as Xi Jinping touts belt and road plan
- After talks in Madrid, two sides say they will promote market opening, remove trade barriers and support ‘rules-based multilateral system’
- Spain acknowledges potential of China’s new Silk Road but has yet to sign up
China and Spain restated their opposition to protectionism and unilateralism on Wednesday amid tensions with the US, while Madrid acknowledged the potential of Beijing’s new Silk Road but stopped short of endorsing it.
In a joint statement released after talks between Spanish Prime Minister Pedro Sanchez and Chinese President Xi Jinping in Madrid, China and Spain also said they would promote market opening, eliminate trade barriers, and support a “rules-based multilateral trading system”.
“The two sides are willing to enhance cooperation through bilateral dialogue in international organisations including the United Nations, the Group of 20, the Asia-Europe Meeting and the World Trade Organisation, amid efforts to promote multilateralism based on the international law and universally recognised norms governing international relations,” the statement said.
It added they would “remain committed to building an open, balanced and inclusive global economy that is in accordance with the WTO rules”.
Xi arrived in Spain on Tuesday for a two-day visit – the first to the European country by a Chinese head of state in 13 years. His next stop is Argentina for the G20 leaders’ summit that begins on Friday in Buenos Aires, where he will meet US President Donald Trump for talks on the trade war that has been raging between the two countries since July.
In Madrid on Wednesday, Xi touted Beijing’s signature “Belt and Road Initiative”, telling Sanchez there were “multiple advantages” for China and Spain to cooperate under the framework.