APEC Summit in Peru Concludes with Xi Jinping Highlighting Globalisation Amid US Trade Policy Shifts

The Asia-Pacific Economic Cooperation (APEC) forum concluded in Lima after two days of discussions. The focus was on economic engagement, but the talks remained mostly superficial. Concerns linger that this spirit of cooperation may not return for another four years. Leaders from 21 Pacific-bordering economies, including US President Joe Biden, Chinese President Xi Jinping, and Japanese Prime Minister Shigeru Ishiba, attended the summit.

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US President Joe Biden arrived late to the traditional APEC family photo, causing a brief moment of awkwardness among the leaders. They waited for five minutes before Biden appeared and took his place at the back. This incident seemed to symbolise the current political climate. Meanwhile, Xi Jinping stood prominently at the front, reflecting his active role in promoting globalisation during the summit.

Trade and Security Rivalry

This year's APEC discussions were heavily influenced by the ongoing trade and security tensions between the US and China. Biden and Xi are scheduled to meet later on Saturday for their third and final meeting during Biden's presidency. Their last encounter was a year ago at APEC in California.

Xi Jinping used the summit to advocate against protectionism. He inaugurated a massive USD 1.3 billion megaport in Peru, emphasising globalisation in his speeches. The leaders donned bark-hued wool scarves from Peru, adhering to APEC's tradition of wearing attire representing the host country.

Global Free Trade Agenda

The summit took place amid uncertainty about America's future role in global free trade under incoming President Donald Trump. Trump has expressed intentions to withdraw the US from its leadership position in this area. This shift could significantly impact future APEC meetings and global trade dynamics.

As reporters called out questions to Biden about his last APEC summit and one of his final major global events as president, he left the stage without responding. The atmosphere at this year's summit highlighted both cooperation and underlying tensions among participating nations.

The conclusion of this APEC meeting leaves many wondering about future summits' tone and direction. With significant geopolitical shifts on the horizon, the forum's ability to foster meaningful dialogue remains uncertain.