Asian Economies Monitor US-China Trade Talks

KUALA LUMPUR, Feb 14 (Bernama) – Asian economies are closely monitoring the progress of the United States and China trade talks in the hope that the disputes will be resolved amicably, said Asia-Pacific Economic Cooperation (APEC) Secretariat executive director Tan Sri Dr Rebecca Fatima Sta Maria, on Thursday. She noted there were encouraging signs on the development of the US-China trade talks, especially with the ongoing negotiations between the two giant economies. “There are many aspects of trade negotiations. In the case of the US and China, the focus has to be beyond tariffs and intellectual property (IP). “They should also be looking at structural reform that is so important in facilitating trade because, at the end of the day, market access depends on many other aspects. Not just tariffs or IP,” she said during an interview with BloombergTV on the US-China talks and trade in Asia Thursday. US and Chinese negotiators kicked off two-day high-level trade talks in Beijing today (Thursday). “We are all watching this progress because it is all in our interest to ensure that global trade is not hindered by one particular item or one particular concern. “All of us are involved (as) global value chains are so connected. So, we will watch with interest, and we wish them all the best. We want to see this resolved. If they work this out, it is good for us,” she added. Sta Maria, who was also former secretary-general of Malaysia’s Ministry of International Trade and Industry, pointed out China’s interest in enhancing trade within Asia as the region was its biggest trading partner. “The whole aspect of us engaging China is very significant,” she said, adding that APEC needs to find convergence for free trade agreements in the Asia Pacific to ensure seamless flow of goods and services. On the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), she said: “I would love to see Malaysia ratify CPTPP because it sets the tone for us as an open economy.” She noted that there were reviews taking place right now on the CPTPP to align the country to the commitments in the CPTPP. “There is a process that we need to go through, (such as) amending, taking it to the cabinet, to the parliament sitting in March, there could be a possibility. If not, then it goes to July. So, there is a timeframe that we are looking at,” she added. -- BERNAMA