Can Apec commit to open markets amid protectionist threats?

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Asia Pacific Economic Cooperation Leaders Express Commitment to Open Markets Amidst Protectionist Concerns

Asia Pacific leaders participating in a virtual summit hosted by Malaysia have voiced strong calls for sustained open and multilateral trade to bolster economic recovery. These leaders have also issued warnings against protectionist trade policies that have emerged in recent years. New Zealand Prime Minister Jacinda Ardern emphasized that the bloc must remain dedicated to maintaining open markets and ensuring the unimpeded flow of trade.
Calls for Open Trade and Warnings Against Protectionism

During the virtual summit, leaders from the 21-nation Asia-Pacific Economic Cooperation (Apec) bloc underscored the importance of open markets for economic resilience. These sentiments were articulated in the context of navigating the global economic challenges posed by the coronavirus pandemic. The discussions highlighted a collective desire to avoid a retreat into protectionism, a sentiment echoed by various leaders who spoke of the risks associated with such policies.
China's Stance on Multilateralism and Cooperation

Chinese President Xi Jinping affirmed China's unwavering commitment to multilateralism, openness, and cooperation. He also pointed to the growing trends of unilateralism, protectionism, and bullying, alongside a backlash against economic globalization, as factors contributing to global economic uncertainty. This stance positions China as a proponent of international collaboration in trade and economic policy.
Historical Context of Trade Disagreements

The current discussions on open markets occur against a backdrop of past trade tensions within Apec. Notably, the 2018 summit failed to produce a joint communique for the first time in the bloc's history, a result of significant disagreements between the United States and China concerning trade and investments. The United States' trade policies under the Trump administration, including the introduction of tariffs and withdrawal from the Trans-Pacific Partnership (TPP), have also shaped the trade landscape in the region.

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Can Apec commit to open markets amid protectionist threats?

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