Zambian expert urges return to rule-based global trading system
Fredrick Mutesa, secretary general of the Zambia-China Friendship Association, stressed the importance of adhering to a trading system governed by the World Trade Organization (WTO), especially as many countries, including the United States, are signatories to its conventions.
"It is important that the international community, particularly the global economy, operates on the basis of a rule-based system -- in this case, the rules and regulations laid down by the WTO," Mutesa said in a recent interview with Xinhua, following the U.S. decision to impose import tariffs on its trading partners.
He warned that policies diverging from this framework undermine the proper functioning of the international trading system, while urging African countries to raise their voices against measures that could hurt their economies.
Mutesa noted that the tariff measures might not even benefit U.S. consumers, who rely on imported goods, or farmers who depend on access to foreign markets like China, with delays in fully enforcing the tariffs indicating that analysts are still evaluating potential consequences, some of which may be detrimental to U.S. interests.
Since returning to office in January, U.S. President Donald Trump has introduced a series of import tariffs, varying by country. He has argued that the tariffs are intended to boost American manufacturing and protect domestic jobs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
14 minutes ago
- The Star
HKSAR gov't launches website to mark 80th anniversary of victory over Japanese aggression
HONG KONG, Aug. 20 (Xinhua) -- China's Hong Kong Special Administrative Region (HKSAR) government on Wednesday launched a website for the 80th anniversary of victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, introducing a series of diverse commemorative activities for the public to remember the history. A spokesperson for the Constitutional and Mainland Affairs Bureau of the HKSAR government said that the HKSAR government will organize various commemorative and educational activities to deepen the public's understanding of historical significance of the victory. The HKSAR government will hold an official ceremony on Sept. 3 to commemorate the victory.
The Star
an hour ago
- The Star
Cambodian FM urges UNDP to continue support for kingdom's key areas
PHNOM PENH, Aug. 20 (Xinhua) -- Cambodian Foreign Minister Prak Sokhonn on Wednesday asked Enrico Gaveglia, newly appointed resident representative of the United Nations Development Program (UNDP) to Cambodia, to continue support for the kingdom's key areas. He made the remarks while receiving a courtesy call by Gaveglia, during which he also presented his letter of credence, said a foreign ministry's news release. Sokhonn, who is also a deputy prime minister, expressed appreciation for the UNDP's assistance to the Cambodian government on social protection schemes. He requested the UNDP to continue its support in key areas, such as mine clearance, renewable energy, social equity, youth, cyber challenges, and climate change, the news release said. For his part, Gaveglia reiterated the UNDP's steadfast commitment to advance Cambodia's development aspirations by promoting inclusive growth, addressing climate challenges, and building effective governance.
The Star
an hour ago
- The Star
HKEX posts record-high revenue in H1
HONG KONG, Aug. 20 (Xinhua) -- The Hong Kong Exchanges and Clearing Limited (HKEX) on Wednesday posted its revenue and other income for the first half of the year reaching 14.076 billion HK dollars, marking a 33 percent year-on-year increase and setting a new record for the group's half-year performance. Driven by positive market sentiment, growing investor appetite for non-U.S. dollars assets and increasing participation of international and the Chinese mainland investors, the average daily turnover in securities trading for the first half of 2025 was 240.2 billion HK dollars, up 118 percent year-on-year. The Hong Kong ETF market continued to deliver impressive growth during the period, reaching a record average daily turnover of 33.8 billion HK dollars, up 184 percent compared with the same period last year. Stock Connect also continued to gain traction during the period, achieving record half-yearly turnover in both Northbound and Southbound Trading. Northbound Bond Connect also set a new trading record with the average daily turnover up 3 percent year-on-year. In the first half of 2025, Hong Kong regained its position as the world's No. 1 IPO venue. IPO equity funds raised were more than eight times that of the first half of 2024, and the number of active IPO applications increased to 207 as of June 30, 2025, more than double the 84 applications as at Dec. 31, 2024. Bonnie Chan, chief executive officer of the HKEX, said that the group enters the second half of 2025 with new initiatives that are underway to further enhance the competitiveness and attractiveness of our markets, including preparations for a shorter cash market settlement cycle, the expansion of paperless listing regime, as well as implementing enhanced IPO price discovery requirements and the first phase of reduced minimum spreads. (1 U.S. dollar equals 7.81 HK dollars)
