APEC Summit Highlights Tensions Ahead

US President Joe Biden and Chinese President Xi Jinping discussed global challenges at the recent APEC summit in Lima. Their remarks brought into light concerns about future economic relations, especially with Donald Trump’s return to the White House. The summit, attended by 21 member economies, focused on trade and investment.

Concerns Over Trade Wars

Biden and Xi warned of potential trade wars. Trump’s upcoming presidency raises fears of increased tariffs. Xi expressed worries about unilateralism and protectionism. He cautioned against the fragmentation of the global economy.

Biden noted an important political shift worldwide. He met with leaders from Japan and South Korea, reinforcing US alliances in Asia. The trilateral partnership aims for stability and peace in the region.

North Korea’s Threats

The situation with North Korea remains tense. Biden brought into light North Korea’s cooperation with Russia. Concerns grow over nuclear threats and military posturing from Kim Jong Un.

APEC’s Economic Role

APEC, established in 1989, promotes regional trade liberalization. It accounts for 60% of global GDP and over 40% of international commerce. The 2024 summit aimed for inclusive growth through trade and investment.

Trump’s “America First” agenda focuses on protectionism. He threatens tariffs on Chinese imports to address trade imbalances. This approach could harm both US and global economies.

China is enhancing its military capabilities. It continues to assert pressure on Taiwan. Trump’s policies could destabilise existing alliances and geopolitical stability.

APEC’s Diverse Membership

APEC includes economies like Chile, Canada, Australia, and Indonesia. Russia is also a member, but President Putin did not attend the summit. The diverse membership marks the complexity of global trade relations.

Important Facts for Exams:

1. APEC: APEC stands for Asia-Pacific Economic Cooperation. Established in 1989 it aims to promote trade liberalisation and economic growth among its 21 member economies.
2. Yoon Suk Yeol: Yoon Suk Yeol is the current President of South Korea. He advocates for regional cooperation and stability amid tensions with North Korea and its ally China.
3. Kim Jong Un: Kim Jong Un is the Supreme Leader of North Korea. He has engaged in military posturing and escalatory rhetoric contributing to regional tensions and global security concerns.
4. America First: America’s First is Donald Trump’s policy agenda. It emphasises protectionist trade policies and prioritises domestic interests over international cooperation impacting global economic relations.

Month: Current Affairs - November, 2024

Category: International / World Current Affairs