Asia calls for open trade post-Trump defeat

Agency: Asia-Pacific leaders on Thursday called for open and multilateral trade to support a global economy battered by the novel coronavirus.

According to Reuters, some leaders hoped for more engagement with the United States under a Joe Biden administration.

Chinese President Xi Jinping, among the leaders at a virtual meeting of the 21-member Asia-Pacific Economic Cooperation forum, rejected protectionism and said globalisation was “irreversible.

“We will not reverse course or run against historical trend by ‘decoupling’ or forming a small circle to keep others out,” Xi said at a forum ahead of the APEC leaders meeting to be held virtually in Kuala Lumpur on Friday (November 20).

“China will remain committed to openness and cooperation, and adhere to multilateralism and the principle of extensive consultation, joint contribution and shared benefits,” he said.

US President Donald Trump has introduced protectionist trade policies since coming to power in 2017, including tariffs on billions of dollars worth of Chinese products that launched a trade war between the world’s two largest economies.

The APEC leaders’ meeting comes as economies are trying to recover from the impact of the coronavirus pandemic and days after Trump lost his bid for a second term.