As 21 leaders descend on Peru to begin the APEC forum, free trade is under attack.
CCTV America’s Jessica Stone reports.
Impact of US election on the future of Asia-Pacific trade dealsAs 21 leaders descend on Peru to begin the APEC forum, free trade is under attack. CCTV America’s Jessica Stone reports.
Chinese President Xi Jinping arrived in South America in the driver’s seat, when it comes to negotiating regional free trade deals.
The election of Donald Trump has dashed hopes of reaching the U.S. led Asia free trade deal, known as the TPP, which excluded China.
That deal was competing with two others in the region, both led by Beijing.
Two years ago at the APEC meetings, President Xi pushed forward talks towards a deal called the Free Trade Area of the Asia Pacific or FTAAP.
Unlike TPP, it’s not envisioned to include rules on labor and environmental standards.
In the years since, President Xi has crisscrossed the region, talking trade with Vietnam, Singapore, Canada, Malaysia and others.
Beijing has now completed its feasibility study on FTAAP.
In the meantime, Washington’s lead trade negotiator said he knows the nations of the region won’t wait for the US to lead on another trade agreement.
Peru’s president has told Russian media that any new regional trade deal should include both China and Russia. But with a wave of anti-globalization seemingly sweeping the planet, APEC leaders know they’ll have to convince a skeptical public of the benefits of any free trade agreement.