Pacific Rim nations seek consensus on free trade.
Canadian Prime Minister Justin Trudeau (right) and his Vietnamese counterpart Nguyen Xuan Phuc in Hanoi on Wednesday. Trudeau will attend the Asia Pacific Economic Cooperation summit. (AP)
Foreign and trade ministers of 21 Pacific Rim economies were working on Wednesday to reach a consensus on open markets despite the US pushback on "free trade" ahead of summit meetings in a Vietnamese coastal resort city this week. Vietnamese Foreign Affairs Minister Pham Binh Minh told delegates to the Asia-Pacific Economic Cooperation summit that shifting global and regional conditions come with "intertwining opportunities and challenges" as they began working out details of a declaration their leaders customarily issue at end of the annual gathering. "Economic recovery is firming but projected growth rates are still below pre-crisis averages," he said. Vietnam, the host of this summit, is using the occasion to showcase the progress its economy has made thanks largely to opening to foreign investment and trade. The country is a major garment exporter and the largest production base for Samsung Electronics' mobile phones. But even though its economy grew at a brisk 6.2 per cent pace last year, its GDP per capita is still one of the lowest among Apec members at less than $2,200. A year after Donald Trump was elected US president on a platform that rejected a Pacific Rim trade pact in favour of country-to-country deals and what he calls "fair" rather than free trade, other Apec members seem united in their support of multilateral efforts to set rules on trade and investment. "Over the last year, things have changed a lot," said Alan Bollard, executive director of the Singapore-based Apec Secretariat. "The new US administration does have a markedly different view about trade policies and regional economic integration," he said. "We're trying to get more clarity about what they're comfortable with and what the response of other members is." After the US withdrawal from the Trans-Pacific Partnership trade pact, the 11 remaining members are trying to reach agreement on a new deal enabling them to move forward without US participation. Japanese officials said earlier they hope for a basic "framework" agreement on the sidelines of the two-day Apec summit starting on Friday. Vietnam, a TPP member, is one of the developing economies most likely to benefit from a deal that the administration of former US President Barrack Obama said would set a "gold standard" for trade rules in the 21st century. "Given the rapid changes and uncertainty the global economy is now facing, this will convey a strong message that reflects steadfastness and determination of Apec in pursuing a free and open region for trade and investment," Tran Tuan Anh, Vietnam's minister of industry and trade, told the meeting on Wednesday. It's unclear whether Apec, whose decisions require a consensus and are not legally binding, will succeed in reaching agreement on a declaration condemning protectionism. At a meeting in May, trade ministers failed to concur on that issue. Instead, Vietnam issued a chairman's statement that cited the "un-unified but prevailing views of Apec economies." "We know it's a complex issue, but there's generally a feeling we want more trade and more growth," said Bollard. "Trade grows very fast in the region and that means economies grow very fast." - AP
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|Publication:||Khaleej Times (Dubai, United Arab Emirates)|
|Date:||Nov 8, 2017|
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