China's Xi Advocates Inclusive Economic Cooperation System In Asia-Pacific Region

MOSCOW (Pakistan Point News / Sputnik - 19th November, 2022) Chinese President Xi Jinping is calling for a more advanced architecture of economic cooperation in the Asia-Pacific region, which would be founded on the principles of equality and inclusivity, the Chinese Foreign Ministry said on Saturday.

Xi is participating in the Asia-Pacific Economic Cooperation (APEC) summit that is taking place in Bangkok, Thailand, from November 18-19.

"The President stressed the importance of... upholding true multilateralism and defending the multilateral trading system," the ministry said in a readout of Xi's speech.

The Chinese leader also called for concerted efforts to "safeguard the rules-based multilateral trading system, keep global industrial and supply chains secure and stable, foster an open, fair and non-discriminatory trade and investment environment, and strive for the early realization of a comprehensive, high-standard Free Trade Area of the Asia-Pacific."

Inclusive development should be at the heart of this new scheme, which would also feature "equal-footed consultation, joint participation and shared benefits."

In the meantime, Xi also advocated "a big Asia-Pacific market" that would deliver benefits to all nations and help them grow together through interconnected development.

The APEC platform was founded in 1989 and convenes 21 countries linked to the Asia-Pacific region, including Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States, and Vietnam.