Leaders of APEC economies have expressed their strong commitment to the multilateral trade system in the digital age and anti-protectionism while also recognised the importance of bilateral agreements, stated Thailand’s The Nation.
APEC members lauded the multilateral trading system and liberalisation amid changes in the global situation, according to the English-language daily newspaper.
It cited the joint declaration of APEC leaders which said they recommit to fight protectionism, including all unfair trade practices, recognising the role of legitimate trade defence instruments.
Besides, the 11 members of the Trans-Pacific Partnership (TPP) held a meeting on the sidelines of the APEC Economic Leaders’ Meeting. They agreed on core elements of the pact, which is from now on called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
In a joint statement, those countries agreed not to make amendments to the original text but freeze the implementation of some clauses to ensure balance and the quality of the document in the new context.