LEADERS of 21 economies in Asia and the Pacific yesterday expressed
their strong commitment to the multilateral trade system in the digital
age and anti-protectionism, but also recognized the importance of
bilateral agreements as strongly pushed by the United States.
“The Bogor Goals of free and open trade and investment, and the support
for the multilateral trading system as well as the growth of
connectivity strategies and programmes have provided long-term
orientations for Apec’s activities and afforded hundreds of concrete
cooperation areas,” said Vietnam’s President, Tran Dai Quang, chair of
the meeting.
Members of the Asia Pacific Economic Cooperation (Apec) gathered in
Vietnam’s central city of Danang to champion the multilateral trading
system and liberalization amid changes in the global situation after one
of its major members, the US, shifted its policy to focus on
bilateralism.
In the declaration issued yesterday the leaders said they “recommit to
fight protectionism, including all unfair trade practices, recognizing
the role of legitimate trade defense instruments”.
The statement is a compromise between the US’s demand to promote
bilateral economic cooperation and the majority of Apec members who
champion a multilateral trade framework at the core of cooperation among
the economies.
President Donald Trump, who attended the Apec summit for the first time
this year, has pushed his “America First” policy and earlier withdrew
from the Trans-Pacific Partnership (TPP), which Washington had strongly
pushed.
The remaining 11 members of the TPP held a meeting on the sidelines of
the Apec in Danang and told a press conference yesterday that they had
finally agreed to go ahead without the US, by suspending 20 provisions
from the original deal.
Japan and Singapore are the most active members of the TPP. Japan’s
Economy Minister Toshimitsu Motegi said that the CPTPP would go into
force after six of the 11 nations ratify it.
The 11 are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The Apec ministerial meeting issued a statement yesterday, rather than
immediately after the meeting on Wednesday, also voicing concerns about
protectionism.
“We recall our pledge to extend our standstill commitment until the end
of 2020 and recommit to fight protectionism, including all unfair trade
practices, recognising the role of legitimate trade defence
instruments,” the statement said.
The world is keeping a close eye on free trade pacts in the Asia and
Pacific, which is a great challenge for the region, he said. Thailand
and other Apec members hoped to see progress at the 11th ministerial
meeting in the World Trade Organisation, he said.
Prayut proposed at the summit yesterday that Apec should also focus on
human resource development, digital access, food security and green
innovation.
Apec has a framework on human resource development in the digital age as
a guideline for all to develop their human resources in keeping with
advancing technology.
The Asia Pacific region is one of the major food producers of the world.
Countries in the region should utilise digital technology to develop
productivity in the agriculture sector to ensure world food security, he
said.
The Thai government has applied HM the late King Bhumibol Adulyadej’s
sufficiency economy philosophy, which is compatible with new technology,
to move the agriculture sector in the country towards “smart farming”,
Prayut told Apec leaders.
In order to support and enhance micro small and medium enterprises
(MSMEs), Thailand has joined hands with Peru to push the Apec Strategy
for Green Sustainable and Innovative MSMEs, he said.
As the Apec summit this year has approved the strategy, Thailand is ready to implement it, he said.
Apec aims to become a low-carbon society and to generate jobs in the growing “green industry”, he said.
Singapore’s Prime Minister Lee Hsien Loong said at the meeting that the
government should play a key role in distributing the gains of
globalisation and digitalisation.
While free markets and private enterprise are required to drive
innovations that have opened up new frontiers for trade and commerce,
efficient and fair economies are just as important, The Straits Times
quoted Lee as saying.
Source - TheNation
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