Canada, Indonesia agree to trade pact as APEC summit braces for Trump
Global News
The APEC summit marked the end of trade talks that should lead to Canada signing a new deal with the world's fourth-most populous country next year.
Ottawa has concluded negotiations for a trade deal with Indonesia and is proposing nuclear-energy collaboration with Southeast Asian leaders.
The moves are a show of faith for multilateralism as the re-election of Donald Trump in the United States is raising fears of further strain in global co-operation on trade and the environment.
Prime Minister Justin Trudeau and Indonesian President Prabowo Subianto held a bilateral meeting on the sidelines of the Asia-Pacific Economic Cooperation summit in Lima on Friday, announcing the end of trade talks that should lead to Canada signing a new deal with the world’s fourth-most populous country next year.
It comes as Trump’s impending return to the White House looms large over the discussions of the APEC grouping, which aims to improve trade among Pacific Rim nations.
Trump’s first presidency saw him pull back from many multilateral agreements, including the Paris climate agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership trade deal, of which half of APEC nations are members.
This time around, he has promised to slap at least a 10 per cent across-the-board import tax on all goods coming into the United States, which is causing great concern among America’s trading partners and has been a frequent topic of discussion at the summit.
“APEC is meeting in the context of rising protectionism, intense geopolitical competition, uncertain economic growth and the Trump election,” said Vina Nadjibulla, research vice-president for the Asia Pacific Foundation.
She said Trudeau has been pushing to preserve rules-based trade “that is critical to our prosperity,” especially with like-minded countries.
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