This time, Chinese President Xi Jinping is going to be seen at the center of the Asia-Pacific Economic Cooperation (APEC) summit being held in the historic city of Gyeongju, South Korea. According to available information, on Friday he will hold important meetings with the leaders of Canada and Japan. The meeting comes as China and the US recently struck a temporary trade deal that has halted restrictions on exports of rare minerals that have disrupted global supply chains.
It is noteworthy that this agreement was signed just before US President Donald Trump left South Korea. Let us tell you that this time Trump will not attend the two-day main session of APEC, and in his place US Finance Minister Scott Besant is participating in this conference. The main theme of the conference this time focuses on strengthening the global supply chain and increasing cooperation in trade, although the decisions taken in this organization are not binding.
In the current situation, all eyes are on the meeting between Xi Jinping and Japan’s new Prime Minister Sanae Takaichi. Takaichi recently became the first female Prime Minister of Japan and concerns are being raised in China about her nationalist views and security policies. According to reports, at the very beginning of his tenure, he has given instructions to intensify military preparations to protect the islands of Japan. Sensitive issues like detention of Japanese citizens in China and Beijing’s import ban on Japanese agricultural products may also figure in the discussion between the two countries.
Canadian Prime Minister Mark Carney will also meet Xi Jinping at 4 pm on Friday. His aim is to restart dialogue with China. Let us tell you that relations between Canada and China have been tense in the last few years. During the tenure of Justin Trudeau, who was the Prime Minister before Carney, differences between the two countries had deepened after the incidents of arrest and execution of Canadian citizens in China. Recently China announced the imposition of anti-dumping duty on canola oil imported from Canada, while Canada had earlier imposed 100% tariff on Chinese electric vehicles.
On the other hand, in the inaugural session of the conference, South Korean Prime Minister Lee Jae Myung chaired the discussion on “Reviving the Spirit of Cooperation in the Asia-Pacific Region”. According to South Korean Foreign Minister Cho Hyun, this time also talks are going on regarding a joint statement, but it is not certain whether any concrete agreement will be reached or not. Recall that even in 2018 and 2019, APEC was not able to agree on any joint declaration.
Meanwhile, Nvidia CEO Jensen Huang will also address a business meeting running parallel to the conference. Nvidia recently became the first tech company in the world to reach a valuation of $5 trillion. However, the issue of sale of advanced AI chips by America to China remained out of discussion in the meeting between Xi-Jinping and Trump this time.
Overall, the APEC conference has become an important forum this time amidst many geopolitical tensions, where the direction of China’s growing influence, trade competition and global cooperation seems to be decided.