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new Delhi31 minutes ago
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This year’s organizer of the forum, Malaysia’s Prime Minister Muhyiddin Yasin, said that the US-China trade war was not able to reach agreement earlier, but due to the coronavirus epidemic, the issue of trade war has become secondary.
- APEC leaders forget joint differences, release joint statement on Friday for the first time since 2017
- In a joint statement, the leaders agreed to work for 21 members of APEC for free trade agreement
Leaders of the Asia-Pacific Economic Cooperation (APEC) Forum have pledged that they will work for free, open and non-discriminatory trades and investments to bring the Corona crisis-hit economy back on track. These leaders also include US President Donald Trump. The leaders issued a joint statement on Friday for the first time since 2017, forgetting mutual differences, in which they agreed to work for a free trade agreement among 21 members of APEC.
This year’s organizer of the forum, Malaysia’s Prime Minister Muhyiddin Yasin, said that the US-China trade war was not able to reach agreement earlier, but due to the coronavirus epidemic, the issue of trade war has become secondary. APEC’s focus is now on economic recovery and the development of cheap vaccines. The Asia Pacific region’s economy is expected to decline by 2.7 percent this year, with a growth of 3.6 percent in 2019.
APEC members contribute 60% of global GDP
APEC members contribute 60% of global GDP. APEC’s 21 members include Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand and the United States. New Zealand will host the APEC meeting next year. That meeting will also be virtual.
First meeting of APEC leaders after 2018
APEC leaders meet for the first time since 2018. The annual summit was canceled by organizer Chile due to violent domestic protests in 2019. For the first time, APEC leaders were unable to issue a joint statement due to the US-China dispute at the 2018 Papua New Guinea Summit.