APEC Adopts Set of Initiatives to Benefit from Global Economy

Washington, 22 Safar 1438/22 November 2016 (MINA) – President Barack Obama and other leaders of the Asia-Pacific Economic Cooperation (APEC) forum adopted on Sunday a set of initiatives at the APEC Economic Leaders’ Meeting under the theme of “Quality Growth and Human Development.”

The US worked with other APEC officials “to make sure that the benefits of the global economy are more broadly shared by more people,” Kuna reported, quoting a White House statement from Lima, Peru, the site of the gathering.

“That is a central part of our work in APEC, to find ways that we can raise standards for trade across the region and bring benefits to more of our people.”

APEC economies account for approximately 40 percent of the world’s population, approximately 59 percent of world gross domestic product and about 49 percent of world trade

The adopted initiatives dealt with expanding trade and investment, “shared prosperity and inclusive growth”, and providing “cleaner and more resilient communities.”

Alternative of free trade

Trump, meanwhile, said he would not participate in the Trans Pacific Partnership (TPP) and promised to impose steep tariffs on countries like Mexico and China and renegotiate the North American Free Trade Agreement, which he described as a “disaster.”

President Barack Obama negotiated the TPP but has stopped seeking its congressional approval, saying its ratification is now up to the incoming Trump administration.

China is not part of the TPP and has been pushing for an alternative vision of free trade in Asia under the so-called Regional Comprehensive Economic Partnership (RCEP), which currently does not include countries in the Americas.

Formed in 1989, APEC, is an economic, trade and investment forum embracing 21 Pacific Rim countries.

They are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)