DANANG, Vietnam: The world's most powerful leaders ended two days of annual talks here, agreeing to address unfair trade practices and calling for the removal of market distorting subsidies, among others.
The Asia Pacific Economic Cooperation (Apec) gathering, hosted by Vietnam for the second time after the first one in 2006, was overshadowed by the near collapse of talks on a blockbuster free trade deal.
The summit is meant to forge regional economic integration and wealth distribution. But it was sidetracked by a sideshow to save the Trans-Pacific Partnership (TPP) without the United States' participation.
Japanese Prime Minister Shinzo Abe co-chaired a meeting with 10 other TPP leaders including Prime Minister Datuk Seri Najib Razak to try rescue the deal, on the margins of the Apec summit.
Abe subsequently cancelled the meeting on Friday afternoon after Canadian Prime Minister Justin Trudeau failed to show up, casting doubt over efforts to revive the TPP after US President Donald Trump abandoned it in January this year.
However, trade ministers from the 11 countries issued a statement today, saying they had reached a deal to proceed with the trade pact.
For the proper Apec summit, leaders of the 21-member economies departed Vietnam's third largest city with the pledge to work towards making trade more inclusive and address unfair practices.
This came in the form of Danang Declaration, issued after a host of discussions among national leaders, corporate figures and future economic captains, as well two leaders' retreat sessions.
“We will work together to make trade more inclusive, support improved market access opportunities, and address unfair trade practices,” the Apec leaders said in the declaration.
“We urgently call for the removal of market-distorting subsidies and other types of support by governments and related entities,” they added.
The declaration also stated members' commitment to accelerating efforts to address World Trade Organisation-inconsistent barriers to trade and investment and take concrete actions towards the achievement of the Bogor Goals by 2020.
Besides Trump, Abe and Najib, heads of states attending the summit included Russian President Vladimir Putin and New Zealand’s newly-elected Prime Minister Jacinda Arden.
Najib said the summit placed importance on the need to prepare people in the region for the changing world of work especially in the advent of digital economy and Industry 4.0.
Host Vietnamese President Tran Dai Quang said the unfolding world security and economic and social transition challenged the momentum of trade and growth recovery.
But Apec had shown its dynamism, adaptability and flexibility towards the challenges.
Next year's Apec summit will be held in Papua New Guinea.
Keywords: Apec, Danang, Vietnam, Donald Trump, TPP