Asia-Pacific Economic Cooperation (APEC) meetings in Vietnam is the year-long hosting of the summit. On Friday in this summit, President Donald Trump says he is “stunned” with India’s growth after it opened its economy. He also praises Prime Minister Narendra Modi for his successful journey till date to bring the vast country and its people together.
PM Modi at APEC Summit
During the APEC business summit president Trump also encourages his vision for a free and open Indo- Pacific region. He also said that, Prime Minister Modi has been doing a lot in the way to pull more people out of poverty and set a new world of opportunities for its expanding middle class. He pointed out that India was celebrating the 70th anniversary of its independence and highlighted that the country was a sovereign democracy with a population of 1.3 billion as well as the largest democracy in the world.
US-China trade relation
President Trump also clears his vision in the APEC meeting that the US would no longer tolerate “chronic trade abuses”. President Trump protest against the World Trade Organization for their global trade laws, and said it “cannot function properly” if all members do not respect the rules. He also complained about trade imbalances, saying the US had lowered market barriers and ended tariffs while other countries had not reciprocated. “Such practices hurt many people in our country,” he said, adding that free trade had cost millions of American jobs.
He also accused earlier US administrations of not acting earlier to reverse the trend and clear that America is open for business, but on America’s terms.
In opposition, President Xi Jinping said globalization was irreversible and spoke about the digital economy, quantum science, artificial intelligence – presenting a vision of the future that is connected, and comprehensive. Mr Xi agrees that the thought behind free trade needed to be new purposed to be “more open, more balanced, more equitable and more beneficial to all” but protect multinational trade deals, which he said helped developing nations to benefit from global commerce.
The trade relationship between the US and China was worth $648bn last year, but nowadays trade comes in china’s favor which result a deficit $310bn of US.
Trump’s withdrawal from the TPP (Trans Pacific Partnership), a massive trade deal between 12 Pacific nations that excluded China, has been a boon to Beijing.
Xi has stepped into the void, portraying himself as the world’s global free trade leader and pushing its own version of TPP instead.