INTERNATIONAL TRADE: EU, UK & Japan Trade Mins Speak On Global Tensions

(MNI) London - Trade ministers have been speaking on global trade tensions at the Brussels Economic Security Forum. 

• European Trade Commissioner Maros Sefcovic says that the days of globalisation and ever-expanding free trade "are behind us". Says the EU has for too long outsourced production, leaving the Union vulnerable to "weaponisation of supply chains". On China, Sefcovic calls for China to "address systemic issues affecting Europe and other partners, such as overcapacity, subsidies, market access barriers, critical mineral export restrictions, investment conditions and trade diversion."
• Japanese Minister in charge of Economic Security Minoru Kiuchi says "The negative aspects of economic globalisation and liberalisation are becoming increasingly apparent, such as the growing trend of using economic dependence on certain countries for political gain." On economic security vs. protectionism says "Government intervention with economic security policies should be strictly limited to areas that are genuinely security related."
• UK Secretary of State for Business and Trade Jonathan Reynolds calls for the UK and EU to cooperate to counter Chinese trade practices. Says "We know harmful subsidies and unfair behaviour by state-led enterprise continue to undermine free and fair trade. They're preventing businesses from competing on a level playing field. But sadly, these practices are on the rise". Acknowledges that reaching trade deals w/US is easier for the UK than it is for the EU.