Xi emphasizes free, open trade at APEC

Published: November 20,2022

By CAO DESHENG 

President Xi Jinping continues to attend the 29th Asia-Pacific Economic Cooperation Economic Leaders’ Meeting in Bangkok, Thailand, Nov 19, 2022. [Photo/Xinhua]

President Xi Jinping has called for upholding true multilateralism and defending the multilateral trading system to bolster free and open trade and investment.

Xi made the remarks on Saturday while attending the two-day 29th APEC Economic Leaders’ Meeting in Bangkok, Thailand.

The two-day meeting concluded on Saturday, with the second day’s session focusing on discussions over sustainable trade and investment. It issued the 2022 APEC Economic Leaders’ Declaration and the Bangkok Goals on Bio-Circular-Green Economy.

Xi said free and open trade and investment is among the purposes and principles of Asia Pacific Economic Cooperation, an economic cooperation forum involving 21 member economies in the Asia-Pacific region.

It is also an important pillar in the realization of the Putrajaya Vision 2040, he said. The vision was endorsed by APEC leaders in 2020 with an aim to build an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all the people and future generations in the Asia-Pacific.

While calling for upholding multilateralism, Xi said more should be done to safeguard the rules-based multilateral trading system, keep global industrial and supply chains secure and stable, foster an open, fair and non-discriminatory trade and investment environment and strive for the early realization of a comprehensive, high-standard Free Trade Area in the Asia-Pacific.

He underlined the importance of promoting inclusive development, saying efforts should be made to build a regional economic cooperation architecture featuring equal consultation, joint participation and shared benefits, and foster a big Asia-Pacific market that delivers benefits to all, so all economies grow together through interconnected development and carry out win-win cooperation.

China has put forward initiatives on revitalizing rural areas, supporting Small and Medium Enterprises that use special and sophisticated technologies to produce novel and unique products and advancing economic inclusion through trade and investment, Xi said.

They are aimed at spreading the dividends of development and innovation among more people, and facilitating the inclusive and sustainable development of all in the Asia-Pacific, he added.

Xi also stressed upholding open regional cooperation for the prosperity of the Asia-Pacific, saying it is important to take greater initiative to open up and raise the level of regional economic cooperation in all respects.

“China will not waver in its commitment to high-standard opening up. China will open its door still wider,” he said, adding the fifth China International Import Expo held earlier this month is another demonstration of China’s firm resolve to support free and open trade and to open its market to the world.

China will do more to import quality goods and services and create more market, growth and cooperation opportunities for the world, he said.

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