APEC summit: China mulls joining free trade pact which was abandoned by Trump

As China seeks to influence global rules of commerce, President Xi Jinping on vember 20 said that his nation will consider joining a free tre pact, which was championed by United States under former President Barack Obama but was n abandoned by Donald Trump. While speaking at Asia-Pacific Ecomic Cooperation (APEC) summit, Xi used his speech to launch a strident defence of free tre. He said that Beijing would actively consider joining Comprehensive and Progressive Agreements from Trans-Pacific Partnership, a tre agreement that includes Japan, Cana, Mexico and or regional ecomies, but t US.

CPTPP is an updated version of a giant deal. Trump h pulled out of it after winning presidency in 2016 as he turned away from what he viewed as unfavourable multilateral deals, however, 11 countries eventually agreed to sign new version. If China were to join CPTPP, that would make Beijing a member of Asia-pacific region’s two biggest tre arrangements, while US is part of neir. 

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At APEC summit, Xi urged countries to “defend multilateralism” and called for establishment of an “Asia-Pacific free tre zone at an early date”. His comments come after Beijing and 14 Asian nations linked Regional Comprehensive Ecomic Partnership, which will be world’s biggest. deal, which comprises 30 per cent of world’s total ecomic output and excluded US, was viewed as a major coup for China at a time Washington is retreating. 

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APEC leers opt Putrajaya Vision 2040

Meanwhile, on Friday, APEC leers opted Putrajaya Vision 2040, which is a new 20-year growth vision to replace Bogor Goals named after Indonesian town where leers agreed in 1994 to free and open tre and investment. leers also pledged to build an “open dynamic, resilient and peaceful region” by 2040. APEC brings toger countries including Australia, Brunei, Cana, Chile, China, Hong Kong, Indonesia Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia Singapore, Taiwan, Thailand and United States. At end of forum, leers also released a joint declaration that pledged ir determination to work toger to recover from pandemic. 

“We recognise importance of a free, open, fair, n-discriminatory, transparent and predictable tre and investment environment to drive ecomic recovery at such a challenging time," according to joint statement.

“We resolve to furr navigate region towards recovery along path of strong, balanced, inclusive, sustainable, invative and secure ecomic growth,” statement ded.

(With inputs from AP) 

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