China set to shape trade deals during APEC

CCTV News

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China has played a key role at the Asia-Pacific Economic Cooperation, or APEC, economic leaders’ conference. This year in Lima, Peru, the Asian giant is likely to carry even more weight in shaping trade and economic growth around the Pacific.

CCTV’s Dan Collyns has more.

China set to shape trade deals during APEC

China set to shape trade deals during APEC

China has played a key role at the Asia-Pacific Economic Cooperation, or APEC, economic leaders’ conference. This year in Lima, Peru, the Asian giant is likely to carry even more weight in shaping trade and economic growth around the Pacific. CCTV’s Dan Collyns has more.

The recent presidential election in the United States may have opened up an opportunity for China at this forum of 21 economies.

U.S. President-elect Donald Trump has voiced his opposition to the Trans-Pacific Partnership, or TPP, a U.S.-led trade deal, which includes 12 APEC members, but excluded China.

The chance that TPP may not be ratified by the U.S. Congress has given China the opportunity to argue for the faster adoption of a broader free trade area.

The question is not if it will play a role but how much of a role it will play. Officials have already indicated that China will be leading negotiations for a free trade deal in the Asia Pacific region.

The Free Trade Agreement of the Asia Pacific would include all 21 APEC economies. Progress on consolidating a deal would be made at the meeting

Peru trade and tourism minister Eduardo Ferreyros added TPP signatory Peru was also interested in joining another China-backed trade bloc, the Regional Comprehensive Economic Partnership Agreement.

As part of the agenda set by the host country Peru, this forum will focus on human capital and integrating small businesses into international trade.