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China will actively consider joining CPTPP, President Xi told APEC virtual summit, World News

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President Xi Jinping speaking on a virtual platform at the Asia-Pacific Economic Cooperation (APEC) said China will “actively consider” signing a regional free trade pact, the Comprehensive and Progressive Partnership Agreement transpacific (PTPGP).

Also read: Euro beats dollar as payment currency for the first time after 7 years

“The grouping must continue to promote regional economic integration and establish an Asia-Pacific free trade area at an early date,” Xi said even as the joint statement called for free and predictable trade to help l global economy hit by the pandemic.

The virtual summit was organized by Malaysia amid trade tensions between the United States and China even as the pandemic continues to ravage economies around the world. The meeting involves leaders from 21 Pacific Rim economies that account for nearly 60 percent of global GDP.

Donald Trump, who was challenged in court over the US election results, refused to use the official context and delivered a speech to leaders at the two-hour event that was not open to media.

President Xi said, “It is important that the Asia Pacific should remain the engine of safeguarding peace and stability, maintaining multilateralism and promoting an open world economy, adding: “Free and open trade and investment cannot be achieved overnight . “

China and 14 Asia-Pacific countries previously signed a free trade pact, the Regional Comprehensive Economic Partnership (RCEP), which will be the world’s largest trade pact.

“We need to trade and invest to get out of the current economic recession,” said Malaysian Prime Minister Muhyiddin Yassin, who is hosting the event.

“We must unite and work constructively to navigate the region on the path of strong, inclusive and sustainable economic recovery and growth,” added Prime Minister Yassin.

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