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Xi Urges Faster Apec Talks On China-Backed Free Trade Area - Global Recovery Unstable

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The global economic recovery is unstable and nations in the Asia Pacific Economic Cooperation (APEC) bloc should speed up free trade talks to spur growth, Chinese President Xi Jinping said on Tuesday.

Speaking at this year's APEC summit in Beijing, Xi said the 21-member forum had agreed that economic integration was the "driving force" behind sustained strong growth and APEC "should continue to play a leading and coordinating role in pushing forward this process".

APEC, which includes the United States, China, Japan, South Korea, Indonesia and Canada, groups countries which account for 40 percent of the world's population, 54 percent of its economic output and 44 percent of trade.

Xi urged members to speed up talks on a trade liberalisation framework called the Free Trade Area of the Asia Pacific (FTAAP) that is being pushed by Beijing. APEC had approved work towards the establishment of FTAAP, which Xi said was a "historic step".

"Currently, the global economic recovery still faces many unstable and uncertain factors. Facing the new situation, we should further promote regional economic integration and create a pattern of opening up that is conducive to long-term development," Xi said.

Sounds dangerously off message about the happy clappy recovery we are in the midst off. No global depression here my friend.

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Coincidentally I've just been to visit the Apec summit building in South Korea this morning. Seeing all the seats around the table with the counrtry names of the powerful economic forces of the pacific rim made me think how small a player the UK could be in the future due to our loss of manufacturing.

Of course the happy clappy recovery bit is political and disagreed with by many in the know

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  • 407 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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