APEC Trade Chiefs Kick Off 2-Day Talks in Detroit
Detroit, May 25 (Jiji Press)--A two-day meeting of trade ministers from member economies of the Asia-Pacific Economic Cooperation forum kicked off in Detroit Thursday, with participants discussing the establishment of a free and fair economic order, among other topics, on the first day.
The gathering comes at a time when China's opaque trade practices are shaking the free trade regime in the Asia-Pacific region.
Japanese trade minister Yasutoshi Nishimura stressed the need for the creation of a fair economic order including the correction of trade practices lacking transparency and for reform of the World Trade Organization, which has been failing to perform its functions properly.
Some participants voiced concerns that industrial subsidies favoring state-owned companies are hindering the formation of a level playing field.
The 21 APEC members include Japan, China, Russia and the United States. While the United States, this year's APEC chair, is working to have the ongoing ministerial meeting produce a joint statement, its efforts may not bear fruit due to a division between major Western countries, including Japan and the United States, and the camp including China and Russia.
[Copyright The Jiji Press, Ltd.]