US—Chronological coronavirus and global economic growth, and continuing trade disparities anticipated to close the conference, will be held on Friday by President Donald Trump and his Chinese counterpart, Xi Jinping. The pair will meet with members of the 21-nation APEC, which is hosted by Malaysia in practice just two weeks after Trump lost the race.
Leaders from the Asia Pacific called for freer and more multilateral economies to encourage economic development and warned about the protectionist trade policies introduced in 2017 by Trump.
The last summit of APEC in 2018 dismissed countries’ refusal, as the US and China did not compromise on business and trade, to agree on a shared message for the first time in the bloc’s history.
A few APEC leaders warned against Protectionism in the run-up to Friday’s meeting as the world deals with the latest coronavirus’s economic effects.
“As we confront this generation’s biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism,” said Prime Minister Jacinda Ardern of New Zealand, speaking at the CEO Dialogues of APEC on Friday.
“APEC must continue to commit to keeping markets open and trade flowing.”
Xi said Thursday that dangers and uncertainties in the world economies were exacerbated by “mounting unilateralism, protectionism, and bullying as well as the backlash against economic globalization”
China is committed to multilateralism, accountability, and collaboration, he added.
Other Asia-Pacific leaders have expressed hope that Joe Biden will become more involved and facilitate multilateral trade.
Trump imposed tariffs on Chinese goods worth billions of dollars, unleashed trade battles between the two biggest economies in the world, and dragged America out of the TPP.
The United States has still not yet ratified its 15-nation deal, backed up in China last week from the biggest free-trade package in the world, the International Comprehensive Cooperation Agreement (RCEP).
The administration of Trump was blamed for a lower degree of support to Asia. The only time he attended an APEC summit in 2017, which took place annually. Due to violent demonstrations the Chilean summit last year was postponed.
Two simulated meetings in Asia last week were both missed: the ten-member ASEAN summit and the wider East Asia summit. Trump also lost the 10-member Asian Alliance.