Chinese President, Xi Jinping and his American counterpart, Donald Trump will be at a meeting of the leaders of the 21-nation Asia-Pacific Economic Cooperation (APEC) hosted virtually by Malaysia just two weeks after Trump lost his re-election bid.
Asia Pacific leaders have called for more open and multilateral trade to support the economic recovery, and warned against protectionist trade policies.
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After coming to power in 2017, Trump slapped tariffs on billions of dollars worth of Chinese products, which launched a trade war between the world’s two largest economies.
At the last APEC summit in 2018, member countries failed to agree on a joint communique for the first time in the bloc’s history as the United States and China disagreed on trade and investments.
In the run up to Friday’s meeting, several APEC leaders warned against protectionism as the world grapples with the economic impact of the novel coronavirus.
“As we confront this generation’s biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism,” New Zealand Prime Minister Jacinda Ardern said on Friday, speaking at the APEC CEO Dialogues.
“APEC must continue to commit to keeping markets open and trade flowing.”
Xi on Thursday said “mounting unilateralism, protectionism and bullying as well as backlash against economic globalisation” had added to risks and uncertainties in the world economy.
He said China will remain committed to multilateralism, openness and cooperation.
Other Asia Pacific leaders have also expressed hope that a Joe Biden administration would engage more and support multilateral trade.