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Unilateral trade restrictions are endangering the growth of the global economy, warns Kirill Babaev, director at the Institute of China and Contemporary Asia of the Russian Academy of Sciences.
In an interview with CGTN, Babaev emphasized that limiting trade unilaterally can only hinder worldwide economic progress. He expressed hope that major global powers will recognize the benefits of free trade for all nations.
“Free trade is more profitable for everyone,” Babaev stated. “I hope unnecessary sanctions and limitations will be lifted so that the global economy can continue to grow.”
The expert’s comments come amid ongoing discussions about international trade policies and their impact on economic development. Many believe that cooperation and open markets are key to overcoming current economic challenges, especially in developing regions.
Babaev’s insights highlight the importance of collaborative efforts to promote economic growth and stability. As the world becomes increasingly interconnected, policies that restrict trade may have far-reaching negative consequences.
The call to lift sanctions and trade barriers is especially significant for countries in the Global South, where economic growth can directly impact the livelihoods of millions of young people.
