On Friday, US President Donald Trump and Chinese President Xi Jinping will attend a virtual summit of Asia Pacific leaders for discussing the coronavirus and global economic recovery, with trade deficits to cloud the meeting.
Malaysia has hosted the Asia-Pacific Economic Cooperation (APEC) virtually and the leaders of 21-nation will be present at the meeting. The leaders of APEC have called for more open and multilateral trade for supporting economic recovery globally and warned against protectionist trade policies.
In 2018 at the last APEC summit, the countries have not agreed on a joint communique for the first time in the history of bloc as US, China disagreed on trade and investments. Several APEC leaders in a run to Friday’s meeting warned against protectionist policies as the global economy is still struggling with the impact of the novel coronavirus.
New Zealand Prime Minister Jacinda Ardern, speaking at the APEC CEO Dialogues on Friday said, “As we confront this generation’s biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism”. He added that APEC must continue to commit markets open and trade flowing.
Xi Jinping on Thursday said, “mounting unilateralism, protectionism and bullying as well as backlash against economic globalisation” and added that China will remain committed to continue multilateralism, openness and cooperation.