Leaders of the Asia Pacific Economic Cooperation (APEC) forum, including US President Donald Trump, have pledged to work for open, free and non-discriminatory trade and investment to revive their economies, battered by the coronavirus pandemic.
The leaders put aside their differences to issue their first joint statement since 2017, in whichagreed to deepen regional integration by working toward a massive free trade agreement among the 21 APEC economies.
This year's host, Malaysian Prime Minister Muhyiddin Yassin, said the US-China trade war that had hampered negotiations had been overshadowed by the pandemic.
With expectations of a 2.7% contraction this year, after 3.6% growth in 2019, Yassin said that APEC's focus was on accelerating economic recovery and developing an affordable vaccine.
“Health risks and their impact on the global economic ecosystem have been a central priority on the agenda of all APEC economies this year,” he said.
APEC, whose members account for 60% of global GDP, has also pledged to “refrain from backsliding and resorting to protectionist measures, in order to keep markets and borders open,” he said.
APEC leaders' meeting is the first since 2018, after last year's host, Chile, cancelled the annual summit due to mass protests in the country. But at the summit in Papua New Guinea in 2018, the leaders did not issue a joint statement for the first time amid the China-U.S. trade dispute.
Trump's appearance on Friday, his first since 2017, came as a surprise as the Republican president questions the outcome of the presidential election won by Democrat Joe Biden.
The leaders of Japan and New Zealand have warned countries against the temptation to resort to trade protectionism, arguing that Keeping markets open is the way to recover a global economy hit by the coronavirus pandemic.
Japan and 14 other Asian neighbors signed the world's largest free trade agreement, the Regional Comprehensive Economic Partnership, on Sunday. Suga, who took office in September, said Japan will now push for a broader trade pact among the 21-member Asia-Pacific Economic Cooperation (APEC) forum.
New Zealand Prime Minister Jacinda Ardern, who addressed the CEOs after Suga, expressed hope that the Forum leaders would agree at the summit. new development goals for the next 20 years focused on free trade, digital innovation, sustainability and inclusion.
“As we face the greatest economic challenge of this generation, we must not repeat the mistakes of history by retreating to protectionism. APEC must continue its commitment to keeping markets open and trade flowing,” he said.
The economies that make up APEC are Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, China, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States and Vietnam.
With AP information
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