Vietnam Prime Minister and APEC leaders focus on discussing free trade
The focus at the APEC summit in Port Moresby is whether leaders can find common ground against protectionist policies.
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| Prime Minister Nguyen Xuan Phuc with APEC leaders. Photo: Thong Nhat/VNA |
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 as both sides have imposed billions of dollars in tit-for-tat tariffs on each other. Experts warn that a trade war between the world’s two largest economies could 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./.
