Apec out to reshape globalisation

CONCERNS: 21 members also to look at more conclusive socio-economic progress

the world’s largest regional economic group, to deliver more conclusive socio-economic progress in the Pacific Rim and beyond.

Najib and the likes of United States President Barack Obama, China President Xi Jinping, Russia President Vladimir Putin and Japan Prime Minister Shinzo Abe will focus on tackling stagnant trade-driven growth and escalating scepticism of globalisation over two days from Saturday.

This will culminate with the 2016 Apec Economic Leaders’ Meeting chaired by Peru President Pedro Pablo Kuczynski on Sunday. It is preceded by the Nov 14 to 15 Apec Concluding Senior Officials’ Meeting and Apec Ministerial Meeting.

Najib, accompanied by his wife, Datin Seri Rosmah Mansor, was expected to arrive in the Peruvian capital today, Malaysian ambassador to Peru Chuah Teong Ban told local media on Wednesday.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed would also attend the forum.

Other than their annual summit, Najib and the other leaders are due to attend an informal dialogue with the four-member Pacific Alliance, as well as interactive sessions with Facebook founder and chief executive officer Mark Zuckerberg and International Monetary Fund managing director Christine Lagarde on issues affecting the digital age and economy.

Najib and leaders of the other 11 countries in the Trans-Pacific Partnership (TPP) would likely meet on the sidelines of the Apec meeting, Chuah said, adding that they were to discuss the fate of the TPP following Donald Trump’s US presidential election win.

Najib is also due to have bilateral talks with Australian Prime Minister Malcolm Turnbull and Papua New Guinea Prime Minister Peter O’Neil.

Senior Apec officials said the forum was aimed at expanding economic opportunities for groups that had reaped fewer benefits from open, integrated markets in the past.

It also wanted to improve living standards for three billion people of the Apec region that accounts for half of global trade and 60 per cent of gross domestic product worldwide.

“There is a firm belief across Apec in the enduring power of globalisation and trade to build prosperity in the region,” said Apec 2016 Senior Officials chair Luis Quesada, who concluded technical discussions on Wednesday.

Apec Secretariat executive director Dr Alan Bollard said the meeting would feature an exchange of views on the region’s policy priorities with a large number of its leaders.

The region’s near-term outlook had pointed to continued growth amid dominant downside risks, Apec Policy Support Unit director Denis Hew said.

He expected trade growth and foreign direct investments (FDI) in the region to slow down this year before picking up over the next two years.

“Apec’s exports and imports have been underperforming since 2014,” he said, adding that this had mirrored the slowdown in the overall global trade.

Hew said Apec was the world’s largest recipient of FDI last year at US$953 billion (RM4.2 trillion).

The figure was expected to be lower this year amid anticipation of a 10 to 15 per cent drop in global FDI to between US$1.5 trillion and US$1.6 trillion this year, according to the United Nations Conference on Trade and Development.