APEC summit 2020: Trump in attendance, China's Jinping counters US Protectionism

US President Donald Trump on November 21 attended the Asia-Pacific Economic Cooperation (APEC) summit, which was held virtually this year due to coronavirus pandemic. China’s Xi Jinping, who used the forum to counter American protectionism, also came into the summit days after scoring a huge trade pact victory. On Friday, leaders from the APEC forum pledged to work toward free, open and non-discriminatory trade and investment to revive their coronavirus-battered economies. 

Trump made the surprise decision to attend in this year’s gathering, after not participating at the APEC since 2017. His attendance also came as surprise as he challenges the outcome of the US Presidential election, won by Joe Biden. Trump, whose “America First” policy has alienated trading partners, addressed the meeting alongside other leaders via video link. 

READ: Dingell: Trump Trying To 'cheat His Way' To Win

While the US President recently skipped the East Asia Summits and withdrew from speaking at an APEC CEO meeting, his turn away from multilateral groupings has left the floor open for China to write the Asia-Pacific’s rules of commerce. On Friday, Xi used his speech to launch a strident defence of free trade. In his remark, he urged countries to “defend multilateralism” and called for the establishment of an “Asia-Pacific free trade zone at an early date”. 

According to Associated Press, Xi told that Beijing would actively consider joining the Comprehensive and Progressive Agreements from Trans-Pacific Partnership, a trade agreement that includes Japan, Canada, Mexico and other regional economies but not the US. Trump had pulled out of the CPTPP’s predecessor, the Trans-Pacific Partnership, which never took effect. The regional free trade pact was once championed by the United States under the former President Barack Obama but then it was abandoned by Trump. 

Xi’s comments come after Beijing and 14 Asian nations linked the Regional Comprehensive Economic Partnership, which will be the world’s biggest. If China were to join the CPTPP, that would make Beijing a member of the Asia-pacific region’s two biggest trade arrangements, while the US is part of neither. 

READ: Land Conservation Plan Stirs Fight Over Trump Restrictions

APEC leaders adopt Putrajaya Vision 2040

Meanwhile, on Friday, APEC leaders adopted the Putrajaya Vision 2040, which is a new 20-year growth vision to replace the Bogor Goals named after the Indonesian town where leaders agreed in 1994 to free and open trade and investment. The leaders also pledged to build an “open dynamic, resilient and peaceful region” by 2040. APEC brings together countries including Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia Singapore, Taiwan, Thailand and the United States. At the end of the forum, the leaders also released a joint declaration that pledged their determination to work together to recover from the pandemic. 

“We recognise the importance of a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment to drive economic recovery at such a challenging time," according to the joint statement.

“We resolve to further navigate the region towards recovery along the path of strong, balanced, inclusive, sustainable, innovative and secure economic growth,” the statement added.

(With inputs from AP) 

READ: Big Pharma Ran Millions Of Dollars Of Negative Ad Against Me US-during Election Campaign, Says Trump

READ: Iran's Allies On High Alert In Trump's Final Weeks In Office