Asia-Pacific leaders have pledged to work together to make trade more inclusive, support improved market access opportunities, and address unfair trade practices.
At their 25th annual meeting last week, leaders of the Asia-Pacific Economic Cooperation forum member countries – which include the US – emphasised the importance of “non-discriminatory, reciprocal and mutually advantageous trade and investment frameworks”. They also called for an “urgent” removal of “market-distorting” subsidies and other types of support by governments and related entities.
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In its declaration, the forum made a number of pledges, namely to accelerate efforts to address WTO-inconsistent barriers to trade and investment, and to carry out further actions to promote an enabling and conducive environment for investment in the Asia-Pacific region.
Other commitments included working together to realise the potential of the internet and digital economy through appropriate regulatory and policy frameworks, and consider actions to facilitate the development of e-commerce and digital trade.
Others included:
- Encouraging members to make further progress on work related to the eventual realisation of a Free Trade Area of the Asia-Pacific, such as capacity building initiatives and information sharing mechanisms
- Working together to improve the functioning of the WTO, including its negotiating, monitoring, and dispute settlement functions, and to ensure the effective and timely enforcement of WTO rules
- Ensuring bilateral, regional, and plurilateral agreements complement multilateral trade agreements
- Fighting protectionism, including all unfair trade practices, and recognising the role of legitimate trade defense instruments
- Encouraging further actions to enable better participation, greater value added, and upward mobility of developing economies and small and medium-sized enterprises in global value chains
Customs and international trade law firm Sandler, Travis & Rosenberg, noted: “While this language in the leaders’ declaration reflects points of importance to the Trump administration, the statement also represents a softer tone on other trade policy topics than the White House has frequently taken this year.”
On his recent two-week trip to Asia, President Donald Trump discussed bilateral trade relations with leaders of Vietnam, China and the Philippines, yet came away with no specific deliverables.
His trip came as the 11 remaining members of the Trans-Pacific Partnership advanced their effort to modify and implement that agreement.
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