Vietnamese Prime Minister and APEC leaders focus on discussing free trade

vietnamplus.vn November 18, 2018 10:54

The focus at the APEC summit in Port Moresby is whether leaders can find common ground against protectionist policies.

Prime Minister Nguyen Xuan Phuc with APEC leaders. Photo: Thong Nhat/VNA

Leaders of 21 Asia-Pacific Economic Cooperation (APEC) economies began discussions in Papua New Guinea's capital Port Moresby on November 18 on ways to promote free trade and regional economic integration, amid escalating trade tensions between the US and China.

According to a draft joint statement, member economies aim to commit to fight against protectionism in all forms as well as measures that hinder trade. How to develop infrastructure projects in the region will also be discussed at the summit.
In addition, APEC leaders are also expected to continue discussing the establishment of the Asia-Pacific Free Trade Agreement - a region with a population accounting for 40% of the world's population, half of global trade in volume and about 60% of the world's economy.
APEC leaders are meeting in Papua New Guinea amid criticism from the United States, Japan and other economies that China is using market-distorting policies, such as intellectual property rights violations and industrial subsidies.
Meanwhile, the "America First" policy of the Trump administration has caused global concern, especially its focus on pursuing bilateral agreements and opposing multilateral trade agreements and organizations.
Relations between the US and China have deteriorated in recent months after both sides imposed billions of dollars in tit-for-tat tariffs on each other, with experts warning that the trade confrontation between the world’s two largest economies would have dire consequences for the global economy.
APEC includes 21 member economies: Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan (China), Thailand, the US and Vietnam./.

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