LIMA: US President Joe Biden and Chinese counterpart Xi Jinping will attend the first day of an Asia-Pacific leaders’ summit Friday ahead of a face-to-face meeting under a cloud of diplomatic uncertainty cast by Donald Trump’s election victory.
Biden and Xi are due to hold talks Saturday, in what a US administration official said will probably be the last meeting between the sitting leaders of the world’s largest economies before Trump is sworn in in January.
With the Republican president-elect having signaled a confrontational approach to Beijing for his second term, the bilateral meeting will be a closely watched affair.
Xi and Biden arrived in Lima Thursday along with other world leaders for a two-day heads-of-state meeting of the Asia-Pacific Economic Cooperation (APEC) grouping.
APEC, created in 1989 with the goal of regional trade liberalization, brings together 21 economies that jointly represent about 60 percent of world GDP and over 40 percent of global commerce.
The summit program was to focus on trade and investment for what proponents dubbed inclusive growth.
But uncertainty over Trump’s next moves now clouds the agenda — as it does for the COP29 climate talks underway in Azerbaijan, and a G20 summit in Rio de Janeiro next week.
On Thursday, APEC ministers, including US Secretary of State Antony Blinken, held their own meeting behind closed doors in Lima to set the tone for the summit to follow.
Trump announced this week he will replace Blinken with Senator Marco Rubio, a China hawk.
The summit will also be attended by Japan, South Korea, Canada, Australia and Indonesia, among others.
President Vladimir Putin of APEC member Russia will not be present.
Trump’s “America First” agenda is based on protectionist trade policies, increased domestic fossil fuel extraction, and avoiding foreign conflicts.
It threatens alliances Biden has built on issues ranging from the wars in Ukraine and the Middle East to climate change and commerce.
The Republican president-elect has threatened tariffs of up to 60 percent on imports of Chinese goods to even out what he says is an imbalance in bilateral trade.
China is grappling with a prolonged housing crisis and sluggish consumption that can only be made worse by a new trade war with Washington.
But economists say punitive levies would also harm the American economy, and others further afield.
China is an ally of Western pariahs Russia and North Korea, and is building up its own military capacity while ramping up pressure on Taiwan, which it claims as part of its territory.
It is also expanding its reach into Latin America through infrastructure and other projects under its Belt and Road Initiative.
Xi on Thursday inaugurated South America’s first Chinese-funded port, in Chancay, north of Lima, even as a senior US official warned Latin American countries to be vigilant when it comes to Chinese investment.
Biden, meanwhile, will on Friday meet Japanese Prime Minister Shigeru Ishiba and South Korean President Yoon Suk Yeol — key US allies in Asia.
Traveling with Biden, National Security Adviser Jake Sullivan said the partner nations will announce the creation of a secretariat to ensure their alliance “will be an enduring feature of American policy.”
China isn’t the only country in Trump’s economic crosshairs.
The incoming US leader has threatened tariffs of 25 percent or more on goods coming from Mexico — another APEC member — unless it stops an “onslaught of criminals and drugs” crossing the border.
Peru has deployed more than 13,000 members of the armed forces to keep the peace in Lima as transport workers and shop owners launched three days of protests against crime and perceived government neglect.
Xi, Biden attend Asia-Pacific summit, prepare to meet
https://arab.news/2g2ap
Xi, Biden attend Asia-Pacific summit, prepare to meet
- Joe Biden and Xi Jinping are due to hold a face-to-face meeting Saturday
- APEC brings together 21 economies that jointly represent about 60% of world GDP
EU leaders begin India visit ahead of ‘mother of all deals’ trade pact
- Antonio Luis Santos da Costa, Ursula von der Leyen are chief guests at Republic Day function
- Access to EU market will help mitigate India’s loss of access to US following Trump’s tariffs
New Delhi: Europe’s top leaders have arrived in New Delhi to participate in Republic Day celebrations on Monday, ahead of a key EU-India Summit and the conclusion of a long-sought free trade agreement.
European Council President Antonio Luis Santos da Costa and European Commission President Ursula von der Leyen arrived in India over the weekend, invited as chief guests of the 77th Republic Day parade.
They will hold talks on Tuesday with Prime Minister Narendra Modi at the EU-India Summit, where they are expected to announce a comprehensive trade agreement after years of stalled negotiations.
Von der Leyen called it the “mother of all deals” at the World Economic Forum in Davos last week — a reference made earlier by India’s Commerce Minister Piyush Goyal — as it will create a market of 2 billion people.
“The India-EU FTA has been a long time coming as negotiations have been going on between the two for more than a decade. Some of the red lines that prevented the signing of the FTA continue to this date, but it seems that the trade negotiations have found a way around it,” said Anupam Manur, professor of economics at the Takshashila Institution.
“The main contentious issue remains the Indian government’s desire to protect the farmers and dairy producers from competition and the European Union’s strict climate-based rules and taxation. Despite this, both see enormous value in the trade deal.”
India already has free trade agreements with more than a dozen countries, including Australia, the UAE, and Japan.
The pact with the EU would be its third in less than a year, after it signed a multibillion CEPA (comprehensive economic partnership agreement) with the UK in July and another with Oman in December. A week after the Oman deal, New Delhi also concluded negotiations on a free trade agreement with New Zealand, as it races to secure strategic and trade ties with the rest of the world, after US President Donald Trump slapped it with 50 percent tariffs.
The EU is also facing tariff uncertainty. Earlier this month Trump threatened to impose new tariffs on several EU countries unless they supported his efforts to take over Greenland, which is an autonomous region of Denmark.
“The expediting factor in the trade deal is the unilateral and economically irrational trade decisions taken by their biggest trading partner, the United States,” Manur told Arab News.
Being subject to the highest tariff rates, India has been required to sign FTAs with other major economies. Access to the EU market would help mitigate the loss of access to the US.
The EU is India’s largest trading partner in goods, accounting for about $136 billion in the financial year 2024-25.
Before the tariffs, India enjoyed a $45 billion trade surplus with the US, exporting nearly $80 billion. To the EU’s 27 member states, it exports about $75 billion.
“This can be sizably increased after the FTA,” Manur said. “Purely in value terms, this would be the biggest FTA for India, surpassing the successful FTAs with the UK, Australia, Oman and the UAE.”
