APEC to promote free trade over protectionism - will help the poor, unemployed.

APEC to promote free trade over protectionism - will help the poor, unemployed.

Foreign and trade ministers from 21 Pacific Rim economies pledged Thursday to promote free trade in the face of rising protectionism, Japan’s trade minister said, in a veiled counter to U.S. President-elect Donald Trump and his anti-globalism rhetoric.

Source: 影像中国

The global economy is crying out for leadership to stem the opposition to free-trade, yet the stagnant economic recovery post-Global Financial Crisis is having countries implementing inward looking policies.

On the eve of the main APEC summit events being held in Lima this week, President Pedro Pablo Kuczynski called for Peruvians to welcome the APEC leaders “with open arms.”

Since the Global Financial Crisis, the developed world economies have been running extraordinarily loose monetary policy, some experimental.

It's a bid to lower a country's currency to make their exports more competitive. In effect, increase exports, decrease imports and spur the domestic economy, Moshirian said.

"But if everyone does it, it's the same thing that happened in the great depression, and you suddenly slow down free trade," Moshirian said.

The ideal solution to boost global trade, thus global growth is the failed World Trade Organization (WTO) Doha trade negotiations that stumbled because complex issues couldn't be resolved. So, nations are now forming regional trade blocks, which are politically charged.

Pushing FTAAP is using APEC to its full capacity, minimising the smaller, politically charged trading blocs such as RCEP and TPP.

“Let’s show them the best of our culture and gastronomy,” he said in a message to the nation. “Let’s show them that we are a country of opportunities. Be proud that your country and our government can bring together world leaders to improve the lives of our peoples.”

International leaders have begun to arrive for the summit, a series of work meetings and conferences on a broad range of topics in common among the 21 Pacific Rim nations that form the Asia-Pacific Economic forum.

“Today more than ever,” said Kuczynski, “this forum is a crucial space to make sure that we do not lose the dynamism of international trade and that it be one of the engines that drives our growth.  Today Peru has a place at that table.”

APEC groups the TPP members — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam — and China, Hong Kong, Indonesia, Papua New Guinea, the Philippines, Russia, South Korea, Taiwan and Thailand.