Chinese President Xi Jinping emphasized the destabilizing effects of tariffs and trade disputes during high-level talks with Azerbaijani President Ilham Aliyev in Beijing on Wednesday. Stressing the interconnectedness of global economies, Xi asserted that such measures "undermine the legitimate rights and interests of all countries" while weakening the multilateral trading system vital to international commerce.
"These actions create ripple effects that distort market dynamics and jeopardize growth prospects across developed and developing nations alike," Xi stated, reinforcing China's commitment to collaboration under UN-centered frameworks. The discussion highlighted plans to deepen China-Azerbaijan cooperation in energy, infrastructure, and digital trade sectors.
Analysts note Xi's remarks come amid heightened trade tensions between major economies, with the World Bank projecting a 3% contraction in global merchandise trade volumes for 2024. The dialogue also addressed mechanisms to protect developing countries' interests in international arbitration systems, a growing concern amid shifting supply chains.
For investors monitoring Asia's $34 trillion economy, Xi's stance signals China's continued advocacy for multilateral solutions to trade disputes. The meeting yielded three bilateral agreements, including a memorandum to streamline customs procedures between the Caspian Sea region and Chinese ports.
