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China's Xi Promises to Protect Trade 10/31 06:10
Chinese leader Xi Jinping told Asia-Pacific leaders on Friday that his
country would help to defend global free trade at an annual economic regional
forum snubbed by U.S. President Donald Trump.
GYEONGJU, South Korea (AP) -- Chinese leader Xi Jinping told Asia-Pacific
leaders on Friday that his country would help to defend global free trade at an
annual economic regional forum snubbed by U.S. President Donald Trump.
Xi took center stage at the Asia-Pacific Economic Cooperation summit that
began Friday in the South Korean city of Gyeongju, as Trump left the country a
day earlier after reaching deals with Xi meant to ease their escalating trade
war.
This year's two-day APEC summit has been heavily overshadowed by the
Trump-Xi meeting that was arranged on the sidelines.
Trump described his Thursday meeting with Xi as a roaring success, saying he
would cut tariffs on China, while Beijing had agreed to allow the export of
rare earth elements and start buying American soybeans. Their deals were a
relief to a world economy rattled by trade tensions between the world's two
largest economies.
Trump's decision to skip APEC fits with his well-known disdain for big,
multi-nation forums that have been traditionally used to address global
problems. But his blunt dismissal of APEC risks worsening America's reputation
at a forum that represents nearly 40% of the world's population and more than
half of global goods trade.
Xi defends multilateralism
"The more turbulent the times, the more we must work together," Xi said
during APEC's opening session. "The world is undergoing a period of rapid
change, with the international situation becoming increasingly complex and
volatile."
Xi called for maintaining supply chain stability, in a riposte to U.S.
efforts to decouple its supply chains from China. He also expressed hopes to
work with other countries to expand cooperation in green industries and clean
energy.
In written remarks sent to a CEO summit held in conjunction with APEC, Xi
said China was open for investment and would uphold the multilateral trading
system.
"Facts have proven that whoever gains a foothold in the Chinese market will
be able to seize the critical opportunity in increasingly fierce international
competition," Xi wrote. "Investing in China is investing in the future."
U.S. Secretary of the Treasury Scott Bessent, who attended the summit on
Trump's behalf, said a U.S. move to rebalance its trade relationships would
ensure that "each country operates on fair and reciprocal terms." He added that
the U.S. is "investing with its trading partners to build resilient production
networks that reduce dependence on vulnerable sectors."
Xi met other leaders on the sidelines
It's Xi's first visit to South Korea in 11 years.
On the sidelines of the summit, Xi had bilateral meetings with new Japanese
Prime Minister Sanae Takaichi, Canadian Prime Minister Mark Carney and Thai
Prime Minister Anutin Charnvirakul on Friday.
In his meeting with Takaichi, Xi said he hopes the two countries would
commit to building a constructive and stable relationship "fit for the new
era." Takaichi expressed hopes to ease what she called "a variety of"
challenges facing the two countries. She said she also hopes to deepen her
personal relationship with Xi.
On Saturday, Xi is to meet South Korean President Lee Jae Myung for another
one-on-one meeting expected to touch on North Korea's nuclear program.
APEC faces challenges
Established in 1989 during a period of increased globalization, APEC
champions free and open trade and investment to accelerate regional economic
integration. But the APEC region now faces challenges like strategic
competitions between the U.S. and China, supply chain vulnerabilities, aging
populations and the impact of AI on jobs. The U.S. strategy has been shifted to
economic competitions with China rather than cooperation, with Trump's tariff
hikes and "America first" agenda shaking markets and threatening decades of
globalization and multinationalism.
Leaders and other representatives from 21 Asia-Pacific Rim economies are
attending the APEC meeting to discuss how to promote economic cooperation and
tackle shared challenges. Opening the summit as chair, Lee called for greater
cooperation and solidarity.
"It's obvious that we can't always stand on the same side, as our national
interests are at stake. But we can join together for the ultimate goal of
shared prosperity," Lee said. "I hope we will have candid and constructive
discussions on how we can achieve APEC's vision in the face of the new
challenge of a rapidly changing international economic environment."
Carney reiterated his government's plan to double its non-U.S. exports in
the next decade, as he said that "our world is undergoing one of the most
profound shifts since the fall of the Berlin Wall."
Despite Trump's optimism after a 100-minute meeting with Xi, there continues
to be the potential for major tensions between the countries, with both seeking
dominant places in manufacturing and developing emerging technologies such as
artificial intelligence.
"It is certainly a contribution to bring the leaders of the two largest
economies together for a meeting where they agreed to withdraw their most
extreme tariff and export control threats. As a result, worst-case outcomes for
global trade were averted," said Leif-Eric Easley, professor of international
studies at Ewha Womans University in Seoul.
"However, APEC is meant to be more than a venue for a trade war truce,"
Easley said. "Greater multilateral efforts are needed to address the region's
most pressing economic challenges, including resisting costly and destabilizing
protectionism, harmonizing regulations for sustainable trade, and coordinating
standards for digital innovation."
Host South Korea pushes for joint statement
South Korean officials said they've been communicating with other countries
to prod all 21 members to adopt a joint statement at the end of the summit so
as not to repeat the failure to issue one in 2018 in Papua New Guinea due to
U.S.-China discord over trade.
South Korean Foreign Minister Cho Hyun said last week that issuing a joint
statement strongly endorsing free trade would be unlikely because of differing
positions among APEC members. He instead anticipated a broader declaration
emphasizing peace and prosperity in the region.
As the host nation, South Korea placed a priority on discussing AI
cooperation and demographic challenges during the summit.
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