In APEC speech, Xi touts China’s economy as base of free trade

Asia-Pacific Economic Cooperation (APEC) forum was held online this year because of the pandemic.

Context

• Asia-Pacific Economic Cooperation (APEC) forum was held online this year because of the pandemic.
• President Xi Jinping hailed China as the pivot point for global free trade, vowing to keep its “super-sized” economy open for business and warning against protectionism as the world battles the COVID-19 pandemic.

What is APEC?

• The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989.
• APEC is a 21 members forum with members - Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam. 
• It aims to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
• It brings together 21 Pacific Rim countries which accounts for about 60% of global GDP.

What Does APEC Do?

• APEC ensures that goods, services, investment and people move easily across borders.
• Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region.