Japan and New Zealand press for open markets to boost recovery
- by Claude Bryan
- in Markets
- — Nov 21, 2020
Asia Pacific leaders have called for more open and multilateral trade to support the economic recovery, and warned against protectionist trade policies.
The APEC region now represents nearly 50% of total world trade, Muhyiddin said, adding Malaysia's trade with APEC member economies had increased by more than seven-fold in the past decade.
Muhyiddin, who is the chair of this year's meeting, views APEC as an incubator-cum-enabler that provides the right framework for implementing economic ideas on a voluntary, non-binding and consensus basis.
Trump's participation in the APEC summit would be his first since 2017, the only other time he has addressed the gathering of leaders from a region increasing central to US economic and security interests. The 2018 gathering in Papua New Guinea failed to produce a declaration, stymied by deep divisions over trade between the USA and China.
The Trump administration has been criticized for a lower level of engagement in Asia.
Trump, whose "America First" policy has alienated trading partners, addressed the meeting but his speech wasn't immediately available.
The White House said he "reaffirmed the commitment of the United States to building on our unprecedented economic recovery from Covid-19, as well as promoting peace and prosperity in the Indo-Pacific region through strong economic growth".
Japan, the United States and China also participated. U.S. President Donald Trump withdrew from what was then known as the Trans-Pacific Partnership, an initiative pushed by his predecessor, Barack Obama, in 2017. "I am not sure that they will be more keen on throwing the doors wide open, or joining the CPTPP, because that depends on domestic politics too", he said, referring to the successor to the Trans-Pacific Partnership trade pact.
Public Health reports 40 COVID-19 new cases since November 13
State officials report there are 812 operational ventilators in the county, with 216 (27%) now in use for all illnesses. Close contacts of those cases were identified and quarantined in a timely fashion, according to the county.
They pledged to build an "open, dynamic, resilient and peaceful region" by 2040, and tasked officers to draw up implementation plans by next year.
"Promotion of free trade and investment and increased connectivity based on global rules will support a free and open Indo-Pacific", Suga said during the summit hosted by Malaysia, according to a Japanese government official.
Japanese Prime Minister Yoshihide Suga said that "making rules for a free and fair global economy is critically important", at a time there was a risk of turning inward during the global economic slump.
The journey of more than 20 years of accompanying APEC has witnessed Vietnam's contributions to promoting peace, stability, cooperation and regional economic integration.
Vietnamese Prime Minister Nguyen Xuan Phuc attended the meeting, which aims to discuss the COVID-19 situation and adopt a new vision on regional cooperation in the post-pandemic period.
"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", she said.
Neither of the blocs include the United States. Last year's summit in Chile was canceled due to violent protests.
