You are here

Apec leaders say they want to fight all forms of protectionism

40609169 - 20_11_2016 - PERU-APEC-SUMMIT.jpg
Pacific rim leaders said on Sunday that they were committed to fighting "all forms of protectionism," and encouraged signatories of the TPP trade pact to continue supporting it despite fears it may not have a future in its current form.

[LIMA] Pacific rim leaders said on Sunday that they were committed to fighting "all forms of protectionism," and encouraged signatories of the TPP trade pact to continue supporting it despite fears it may not have a future in its current form.

"We reaffirm our commitment to keep our markets open and to fight against all forms of protectionism," the leaders of the 21-strong Asia-Pacific Economic Cooperation (Apec) group said in a closing statement after meeting in Peru.

Apec talks in Lima have been dominated by doubts over the future of free trade and in particular the Trans-Pacific Partnership (TPP) trade pact following the election of Donald Trump as US president.

Mr Trump strongly criticised the TPP - which as it stands includes the United States but not China - during an election campaign notable for his strong criticism of US free trade deals.

sentifi.com

Market voices on:

Some leaders have suggested that the 12-nation TPP free trade pact could continue without the United States, while others have said that would be impossible without a complete renegotiation.

Another way forward might be a cosmetic change that would allow Mr Trump to support the accord without losing political face, suggested New Zealand Prime Minister John Key in a round table on Saturday.

In parallel, China has been selling an alternate vision for regional trade by promoting the Regional Comprehensive Economic Partnership (RCEP), which does not include the Americas.

The final declaration by the Apec leaders said: "We encourage that all regional undertakings, including TPP and RCEP, remain open, transparent and inclusive and draw on each other." Both deals could be potential pathways to a wider regional trade agreement, known as the FTAAP or Free Trade Area of the Asia Pacific, it said.

The final declaration acknowledged that economic growth had become uneven in recent years and inequality had risen, factors seen as key in a shift to isolationism in Western economies. "While the complex global economic environment will continue framing our work, it also represents an opportunity to reiterate our commitment to build a dynamic, harmonious and open economy in the Asia-Pacific region," it said.

REUTERS

Powered by GET.comGetCom