You are here: Home » International » News » Companies
Business Standard

Trump, Xi to meet at virtual Asia Pacific forum as trade spat endures

The pair will be at a meeting of the leaders of the 21-nation Asia-Pacific Economic Cooperation (APEC) hosted virtually by Malaysia just two weeks after Trump lost his re-election bid

Topics
US China trade war | Donald Trump | Xi Jinping

Reuters  |  KUALA LUMPUR 

US President Donald Trump and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing. Photo: PTI
US President Donald Trump and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing. Photo: PTI

By Rozanna Latiff and A. Ananthalakshmi

KUALA LUMPUR (Reuters) - U.S. President and his Chinese counterpart will attend a virtual summit of Asia Pacific leaders on Friday to discuss the coronavirus and global economic recovery, with lingering trade differences likely to cloud the meeting.

The pair will be at a meeting of the leaders of the 21-nation Asia-Pacific Economic Cooperation (APEC) hosted virtually by Malaysia just two weeks after Trump lost his re-election bid.

Asia Pacific leaders have called for more open and multilateral trade to support the economic recovery, and warned against protectionist trade policies such as those introduced by Trump since 2017.

At the last APEC summit in 2018, the countries failed to agree on a joint communique for the first time in the bloc's history as the United States and China disagreed on trade and investments.

In the run up to Friday's meeting, several APEC leaders warned against protectionism as the world grapples with the economic impact of the novel coronavirus.

"As we confront this generation's biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism," New Zealand Prime Minister Jacinda Ardern said on Friday, speaking at the APEC CEO Dialogues.

"APEC must continue to commit to keeping markets open and trade flowing."

Xi on Thursday said "mounting unilateralism, protectionism and bullying as well as backlash against economic globalisation" had added to risks and uncertainties in the world economy.

He said China will remain committed to multilateralism, openness and cooperation.

Other Asia Pacific leaders have also expressed hope that a Joe Biden administration would engage more and support multilateral trade.

Trump introduced tariffs on billions of dollars worth of Chinese products, starting a trade war between the world's two largest economies, and also pulled the United States out of the Trans-Pacific Partnership (TPP) trade pact.

The United States is also absent from the world's largest free-trade bloc, the Regional Comprehensive Partnership Agreement (RCEP) - a 15-nation pact backed by China that was signed last week.

The Trump administration has been criticised for a lower level of engagement in Asia. The only time he has joined an APEC summit - held annually - was in 2017. Last year's summit in Chile was cancelled due to violent protests.

Trump also missed two virtual Asia meetings last week: the 10-member Association of Southeast Asian Nations (ASEAN) summit and the broader East Asia Summit.

Other than working on a joint communique, the APEC leaders are also expected to discuss the bloc's post-2020 vision, which would replace the 1994 Bogor Goals - a set of targets on reducing barriers to trade and investment - that expire this year.

 

(Reporting by Rozanna Latiff and A. Ananthalakshmi; Editing by Sam Holmes)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 20 2020. 10:59 IST
RECOMMENDED FOR YOU
.