Former U.S. secretary of state: China, U.S. indispensable for future global efforts

"Beijing and Washington need to work with other importing countries to craft policies -- ranging from coordinated stockpiling to encouraging diversity of supply that reduce instability in world petroleum markets," he said.

Baker stressed that any effort to reverse the current global economic meltdown must include China and the U.S.

The world is entering a global recession that "will leave few, if any, countries unscathed," he said. "Because of globalization, it is now impossible to address our economic and financial challenges without broad-based international coordination."

To reverse the current economic trends, Baker said, will require unparalleled global coordination of fiscal, monetary, and regulatory policy.

"Any such effort must include China and the U.S.," he said, adding that Washington will be looking to Beijing as a partner as the two countries work together to craft a common international response at the G-20 summit in London.

Warning against protectionism, Baker said protectionist rhetoric already is on the rise in the U.S. and it will take courage for American leaders to resist the temptation to implement politically popular but economically disastrous measures.