At the Asia-Pacific Economic Cooperation (APEC) summit in Lima, Chinese President Xi Jinping raised concerns about the growing trend of protectionism and unilateralism. He warned of an increasing fragmentation in the global economy, emphasizing the need for collaborative efforts to navigate through turbulent times. This comes as the world is entering a new era marked by geopolitical tensions and economic uncertainty.
Xi's remarks stand in stark contrast to the approach of the incoming U.S. administration under Donald Trump, who has signaled a confrontational stance towards China. Trump's proposed tariffs on Chinese goods have raised fears of a potential trade war, which could have significant implications for the global economy.
Meanwhile, Peru's President Dina Boluarte, hosting the summit, called for enhanced economic cooperation and understanding among nations. She highlighted the importance of unity in addressing the challenges posed by political and economic shifts on the global stage.
The summit also saw the participation of outgoing U.S. President Joe Biden and Secretary of State Antony Blinken. Biden's agenda included discussions with Japanese Prime Minister Shigeru Ishiba and South Korean President Yoon Suk Yeol, focusing on regional security and cooperation.
A key meeting between Biden and Xi is also on the agenda, with the aim of improving military communication channels between the two countries. Despite the tensions, there is a mutual recognition of the need to manage competition and avoid conflict.
In a move to bolster its trade ties, Hong Kong signed a free-trade agreement with Peru, highlighting the continued significance of multilateral trade agreements in fostering economic growth amid global challenges.
