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Free trade "solution to the challenges" of Covid-19, according to Apec ministers

2021-11-10T09:31:52.033Z


Free trade and the opening of economies will be the engines for the recovery of the Asia-Pacific region from the pandemic, said on Wednesday ...


Free trade and open economies will drive the recovery of the Asia-Pacific region from the pandemic, the region's trade and foreign ministers said on Wednesday at a virtual meeting ahead of the summit. Asia-Pacific Economic Cooperation Forum (Apec).

It is free trade, fair and open, that will help economies emerge from this pandemic,

” said New Zealand Trade Minister Damien O'Connor, host of the meeting.

"

We need openness to stimulate global growth, it is indeed trade that presents the solution to our challenges,

" he added.

Ministers from the 21 Apec countries were meeting online to discuss their response to Covid-19 ahead of a meeting of heads of state on Saturday, which will be attended by US President Joe Biden and his Chinese counterpart Xi Jinping.

Read alsoChina candidate for the Pacific free trade zone, nest of American allies

Damien O'Connor said the main points of the discussion included a plan to voluntarily freeze fossil fuel subsidies and commitments to ease tariffs on vaccines and other medical supplies in the event of a pandemic. The need not to erect trade barriers, in response to the challenges posed by the pandemic, achieved consensus among the ministers meeting, according to Damien O'Connor.

"

Some 81 million jobs have been lost in the region due to Covid-19 and the impact on supply chains has been significant, but Apec members have rejected protectionism during this crisis,

" said he continued.

The 21 member economies of Apec collectively represent nearly 40% of the world's population and about 60% of global GDP.

A previous unprecedented virtual meeting brought together APEC leaders in July with the aim of improving the response of countries in the region to the Covid-19 pandemic.

Freezing fossil fuel subsidies

New Zealand Foreign Minister Nanaia Mahuta said on Wednesday that Apec members had agreed to send a strong message on stopping any increase in fossil fuel subsidies. “

These subsidies cost our savings billions of dollars a year, but the real impact is on our environment,

” she said.

The issue was brought to the fore during the COP26 climate talks in Glasgow, where the leaders of 91 major global companies called for their removal.

The Apec summit was originally scheduled to be held in Auckland, but it is being held online for the second time due to Covid-19.

New Zealand Prime Minister Jacinda Ardern said the digital platform was easier to access than a face-to-face event.

Read alsoThe United Kingdom and the Gulf countries negotiate a free trade agreement

On the agenda for Saturday's discussions: how to reopen the borders without spreading the virus, how to ensure a fair recovery in the event of a pandemic and how to move towards a carbon-free economy. The debate on the sidelines of the summit will be dominated by applications from China and Taiwan to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), which is the region's largest free trade pact, between 11 countries.

China, which sees the island as part of its territory, is opposed to Taiwan joining, while Australia does not want China to be part of the group, due to a lingering trade dispute.

The United States will also want to use the event to reaffirm its commitment to trade in the Indo-Pacific region after years of protectionist policies under Donald Trump's administration.

Source: lefigaro

All business articles on 2021-11-10

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