Mumbai: Asian Infrastructure Investment Bank (AIIB) president Jin Liqun on Tuesday urged the developed nations to resist protectionism arguing that protectionism practiced by some countries is likely to dim the prospects for all countries in the world, including themselves.
With the share of developing countries inching higher in the global economy, Mr Liqun also underlined the need for developing economies to have a greater weight in the multilateral institutions. “Looking at the prospects for developing Asia, I would ask — will we continue to have an open global trading system or will the world retreat into protectionism? I urge some developed countries to resist protectionism and remain open, and developing countries to continue opening up. We must strive to preserve those features which spread benefits, and we must rejuvenate and rethink those systems which may be weakening to find a path forward in the 21st Century — the Asian Century,” he said while speaking at the inaugural session of the third annual meeting of AIIB.
After Asia’s economic growth far outpaced the global average for nearly three decades, Mr Liqun said Asia’s economy has become a global heavyweight.
Asian developing countries now account for 60 percent of global growth, while roughly two-thirds of global trade is part of value chains passing through Asia. Indeed, Asia is assuming leadership in new areas.
