APEC leaders to open summit amid Trump uncertainty
David Biller |
Representatives from 21 members representing the Pacific Rim are meeting in Peru for the Asia-Pacific Economic Co-operation forum, the first global summit since US President-elect Donald Trump’s victory featuring several major world leaders.
The annual gathering brings together countries and members that jointly account for almost two-thirds of global GDP and half the world’s trade, according to organisers.
The confirmed heads of government attending in Lima include outgoing US President Joe Biden, China’s President Xi Jinping, Canadian Prime Minister Justin Trudeau, Indonesian President Prabowo Subianto, Japanese Prime Minister Shigeru Ishiba and Australian Prime Minister Anthony Albanese, among others, as the world wonders how a new US government might upend global dynamics.
Leaders and other representatives will hold closed-door discussions on Friday morning among themselves, and in the afternoon with members of APEC’s business advisory council.
The council met on Wednesday and called on APEC nations and members to boost inclusive growth and prioritise the needs of micro, small, and medium-sized enterprises, particularly those led by women and Indigenous entrepreneurs.
“While the global economy remains resilient, APEC economies are grappling with persistent inflation, economic disparities, high interest rates and the urgent need to increase investments for a green, climate-resilient future,” council chairwoman Julia Torreblanca said.
APEC is bound to be one of Biden’s last before leaving office, and White House officials insist his attendance as well as his subsequent visit to Brazil for the G20 meeting next week will be substantive, with talks to focus on climate issues, global infrastructure, counter-narcotic efforts.
For the first time since 2023’s APEC forum, Biden will meet one-on-one with Chinese President Xi on Saturday.
He will also meet South Korea’s Yoon Suk-yeol, Japan’s Shigeru Ishiba and Peru’s President Dina Boluarte.
The officials say Biden also will use the summits to press allies to keep up support for Ukraine as it tries to fend off Russia’s invasion and persist in negotiating an end to Israel’s wars in Lebanon and Gaza.
Still, analysts say he will be overshadowed at APEC by Xi, who arrived on Thursday and proceeded to inaugurate a $US1.3 billion ($A2 billion) mega-port that is perhaps the clearest sign of Latin America’s ongoing reorientation in the region.
The Chancay port will shave 10 days off shipping times to China, which has seen trade with South America boom over the past two decades.
Peru’s economy minister in June said neighbouring nations were actively modifying their supply chains to benefit from the port, in which total investment will top $US3.5 billion.
Before the inauguration at the port, north of Lima, locals told The Associated Press the development had not buoyed their economic prospects.
On the contrary, they said the port has impaired their ability to fish, threatening their livelihoods.
Discontent has been brewing in the middle-class San Borja neighbourhood outside Lima’s convention centre, where the APEC conference is sited.
Metal barriers and police equipped with riot gear surround the perimeter where, for the past two days, anti-government protesters angry about a recent spate of gang-fuelled violence have shouted slogans demanding that their wildly unpopular president take action against the crime wave.
The rallies have devolved into scuffles with police, who used batons to drive away the more aggressive protesters on Thursday.