Seoul: Chinese President Xi Jinping has emphasized the importance of safeguarding the multilateral trading system, urging enhancements to the authority and effectiveness of the World Trade Organization (WTO) at its core.
According to Kuwait News Agency, President Xi addressed the 32nd APEC Economic Leaders’ Meeting in South Korea, highlighting the need to update international economic and trade rules to reflect contemporary changes. This update aims to better protect the legitimate rights and interests of developing countries.
He urged APEC members to maintain an open economic environment by promoting trade and investment liberalization and facilitation. Xi called for deepened fiscal and financial cooperation, the steady advancement of regional economic integration, and fostering mutual alignment to inject momentum into the development of the Free Trade Area of the Asia-Pacific.
Furthermore, President Xi stressed the importance of maintaining stable and smooth industrial and supply chains. He encouraged APEC members to expand common interests, support open supply chain development, and strive for tangible results in connectivity. Xi also advocated for advancing digital and green trade transformations, emphasizing digital technologies as catalysts for cross-border trade, the removal of green barriers, and expanded cooperation in green industries, clean energy, and green minerals.