Pompeo highlights need of rules-based trading system

WASHINGTON, US Secretary of State Michael R. Pompeo said Friday both US and Chinese companies would win if there is a rules-based trading system.

“If we are going to all go out and compete in an open, fair, transparent way, American companies will win a lot, French companies will win and the Chinese companies win too,” he stressed. Addressing a conference at Rice University’s Baker Institute for Public Policy, Pompeo said, “That all seems very reasonable and fair, a rules-based commercial trading system, but that’s not what’s been going on for the last decades.” “They (China) have been a country that’s stolen our stuff, taken intellectual property, forced companies that invested in China to transfer technology,” he protested. “They use their state-owned enterprises in ways that deeply subsidize their businesses that are inconsistent with the way both any other country behaves and the way the World Trade Organization permits. “America has not done enough, and President Trump has now said we’re going to do this. “We’re going to work with China where we can, but we’re going to make sure that America addresses each of those challenges in a way that is appropriate. We could go on for a long time about the efforts that we have underway to do that,” he added.

Source: Kuwait News Agency