LIMA, Peru (news agencies) — Representatives from 21 members representing the Pacific Rim are meeting in Peru on Friday for the Asia-Pacific Economic Cooperation forum, the first global summit since U.S. President-elect Donald Trump’s victory featuring several major world leaders.
The annual gathering brings together countries and members that jointly account for almost two-thirds of global GDP and half the world’s trade, according to organizers. They confirmed heads of government attending in Lima include outgoing U.S. President Joe Biden, China’s President Xi Jinping, Canada’s Prime Minister Justin Trudeau, Indonesia’s President Prabowo Subianto, Japan’s Prime Minister Shigeru Ishiba and Australia’s Prime Minister Anthony Albanese, among others, as the world wonders how a new U.S. government might upend global dynamics.
Leaders and other representatives will hold closed-door discussions in the morning among themselves, and in the afternoon with members of news agenciesEC’s business advisory council. The council met Wednesday and called on news agenciesEC nations and members to boost inclusive growth and prioritize the needs of micro-, small-, and medium-sized enterprises, particularly those led by women and Indigenous entrepreneurs.
“While the global economy remains resilient, news agenciesEC economies are grappling with persistent inflation, economic disparities, high interest rates and the urgent need to increase investments for a green, climate-resilient future,” said council chairwoman Julia Torreblanca.
news agenciesEC is bound to be one of Biden’s last before leaving office, and White House officials insist that his attendance as well as his subsequent visit to Brazil for the Group of 20 meeting next week will be substantive, with talks to focus on climate issues, global infrastructure, counter-narcotic efforts. For the first time since last year’s news agenciesEC forum, Biden will meet one-on-one with Chinese President Xi on Saturday. He will also meet with South Korea’s Yoon Suk Yeol, Japan’s Shigeru Ishiba and Peru’s President Dina Boluarte.
The officials say Biden also will use the summits to press allies to keep up support for Ukraine as it tries to fend off Russia’s invasion and persist in negotiating an end to Israel’s wars in Lebanon and Gaza.
Still, analysts say he will be overshadowed at news agenciesEC by Xi, who arrived Thursday and proceeded to inaugurate a $1.3 billion megaport that is perhaps the clearest sign of Latin America’s ongoing reorientation in the region.
The Chancay port will shave 10 days off shipping times to China, which has seen trade with South America boom over the past two decades. Peru’s economy minister in June said neighboring nations are actively modifying their supply chains to benefit from the port, in which total investment will top $3.5 billion.
Ahead of the inauguration at the port, 60 kilometers (37 miles) north of Lima, locals told media that the development hasn’t buoyed their economic prospects. On the contrary, they said the port has impaired their ability to fish, threatening their livelihoods.
Discontent has been brewing in the middle-class San Borja neighborhood outside Lima’s Convention Center, where the news agenciesEC conference is sited. Metal barriers and police equipped with riot gear surround the perimeter where, for the past two days, anti-government protesters angry about a recent spate of gang-fueled violence have shouted slogans demanding that their wildly unpopular presiden t take action against the crime wave.
The rallies have devolved into scuffles with police, who used batons to drive away the more aggressive protesters on Thursday.
news agencies writer Isabel DeBre contributed
United Arab Emirates Dirham Exchange Rate
