EU, Japan and US seek to level global trade playing field
The EU, Japan and the US have united to combat market-distorting trade practices, such as forced technology transfer.
The announcement was issued yesterday, December 12, on the side lines of the World Trade Organization’s (WTO) ministerial meeting in Buenos Aires, Argentina.
Although China was not named in the announcement, the Financial Times and Reuters noted that the alliance was a warning shot to the country over its trade practices.
US President Donald Trump has raised numerous concerns over China and its trade practices.
In August, Trump instigated an investigation into alleged Chinese IP theft.
“We will combat the counterfeiting and piracy that destroys American jobs; we will enforce the rules of fair and reciprocal trade that formed the foundation of responsible commerce,” he stated at the time.
The Chinese Ministry of Commerce responded, insisting that China will take “all appropriate measures” to safeguard its rights and interests amid the US probe.
The three economies noted that the severe excess production capacity in key sectors is exacerbated by government-financed and supported capacity expansion, unfair competitive conditions, and local content requirements.
Other factors contributing to the excess capacity are forced technology transfer, where companies must transfer important proprietary technology.
In November, Bloomberg reported that Chinese vice premier Wang Yang had said that China won’t force foreign companies to turn over technology secrets to gain market access, as Trump was departing from Beijing after a state visit.
The three countries that have signed the alliance said: “We, to address this critical concern, agreed to enhance trilateral cooperation in the WTO and in other forums, as appropriate, to eliminate these and other unfair market-distorting and protectionist practices by third countries.”
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