APEC Summit: Navigating Trade Tensions Amidst Global Challenges
The Asia-Pacific Economic Cooperation (APEC) summit discusses trade amidst U.S. President Donald Trump's tariffs overshadowing the event. Despite U.S. trade policies, APEC members, led by Beijing, advocate for free trade. Efforts for a joint declaration continue, as countries seek consensus in weakened multilateralism.
At the recent Asia-Pacific Economic Cooperation (APEC) summit, the focus was on navigating trade tensions, particularly in light of U.S. President Donald Trump's tariffs. APEC, known for its support for free trade, finds itself challenged by shifting U.S. trade policies that favor bilateral agreements.
Carlos Kuriyama, APEC’s Policy Support Unit Director, expressed optimism about reaching a joint declaration. Despite Washington’s stance, most APEC nations, including China, are pushing for open trade, demonstrated by China’s upgraded trade pact with the ASEAN bloc. The summit, held in South Korea, showcased broad support for multilateral trade.
While the U.S., represented by Treasury Secretary Scott Bessent, remains engaged in talks, Beijing is viewed as a steady force advocating for free trade. APEC continues to serve as a critical platform for discussing and finding solutions to global trade issues, emphasizing its role in a world of weakening multilateralism.
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