- Trade ministers from the Asia-Pacific region gathered in Detroit to discuss sustainable and inclusive growth, despite challenges posed by Russia’s war on Ukraine.
- The United States, as the chair of this year’s APEC forum, aimed to create a joint statement among the 21 economies participating in the Asia-Pacific Economic Cooperation.
- The meeting highlighted deepening economic and security partnerships between Russia and China, amid increasing tensions with the United States, Japan, and other countries, raising concerns about finding common ground on key issues.
Trade ministers from the Asia-Pacific region convened in Detroit for a two-day meeting aimed at fostering sustainable and inclusive growth. However, their efforts to enhance regional cooperation faced obstacles due to the ongoing conflict between Russia and Ukraine.
Before attending the meeting, Japanese Economy, Trade, and Industry Minister Yasutoshi Nishimura expressed the intention to convey Japan’s stance on building and upholding a free and equitable trade and economic order.
APEC represents approximately half of global trade and accounts for 60 percent of the world economy. Its membership includes countries such as Chile, Peru, Australia, Canada, South Korea, and Taiwan.
During last year’s summit in Bangkok, APEC leaders managed to issue a declaration acknowledging that the conflict in Ukraine was worsening existing vulnerabilities in the global economy. However, differing views and assessments of the situation and sanctions persisted.
Earlier this month, APEC transport ministers failed to release a joint statement due to disagreements over Russia’s invasion of Ukraine.
Coinciding with the meeting, U.S. Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao met in Washington for candid and substantive discussions on matters related to the U.S.-China commercial relationship. The two nations, as the world’s largest economies, have been engaged in intense competition, particularly in advanced technologies and trade.
The Chinese Commerce Ministry stated that Wang expressed concerns about Washington’s economic and trade policies, specifically regarding semiconductors and export controls. Both parties agreed to establish communication channels to facilitate ongoing exchanges on specific economic and trade concerns and cooperation-related issues.