TIL Desk/Business/Lima-Leaders of 21 Asia-Pacific nations ended their annual summit Sunday with a call to resist protectionism amid signs of increased free-trade skepticism, highlighted by the victory of Donald Trump in the US presidential election.
The Asia Pacific Economic Cooperation forum also closed with a joint pledge to work toward a sweeping new free trade agreement that would include all 21 members as a path to “sustainable, balanced and inclusive growth,” despite the political climate .
“We reaffirm our commitment to keep our markets open and to fight against all forms of protectionism,” the leaders of the APEC nations said in a joint statement. APEC noted the “rising skepticism over trade” amid an uneven recovery since the financial crisis and said that “the benefits of trade and open markets need to be communicated to the wider public more effectively, emphasizing how trade promotes innovation, employment and higher living standards.”
