The Latin American country of Chile is to hold a two-day meeting on Asia-Pacific economic integration starting on Tuesday, and has invited countries such as China, South Korea and Colombia to attend.
In face of the United States withdrawing from the Trans-Pacific Partnership (TPP), Chile's initiative reflects Latin American countries' desire to expand the free-trade zone in the Asia-Pacific region.
SEEKING PARTNERS IN ASIA-PACIFIC
U.S. President Donald Trump signed an executive order three days after taking office on Jan. 23, officially withdrawing from the TPP. His behavior has put countries which have signed the treaty in a dilemma, including Latin American countries such as Chile, Peru and Mexico.
For a long time, the economic development of Latin American countries has been heavily dependent on North America, especially the United States. Since taking office, Trump has issued a series of conservative policies on immigration, trade, economy, energy, foreign affairs and others, turning the steering wheel inward.
With their economies seriously impacted by Trump's policies, Latin American countries turn their eyes toward the Asia-Pacific region, hoping to enhance cooperation with Asia-Pacific nations including China, so as to invigorate the economic development in Latin America.
During an interview with Xinhua on March 8, Chile's ex-president Ricardo Lagos said that amid increasing uncertainties in the international environment, Latin American countries should strengthen communication with the Asia-Pacific region and make full use of free trade.
"If TPP can't take effect, the meeting (in Chile) should seriously discuss the free trade proposals within the framework of the Asia-Pacific Economic Cooperation (APEC)," he said.
Chilean Foreign Minister Heraldo Munoz said on Sunday that Chile hoped to send a message of maintaining a pluralistic approach to free trade in the upcoming meeting on Asia-Pacific economic integration.
Munoz said that nowadays numerous initiatives were being carried out, such as the TPP, the Regional Comprehensive Economic Partnership(RCEP), and the Free-Trade Area of the Asia-Pacific (FTAAP).
"We work with those who are ready for openness and integration," he said.
WIN-WIN ECONOMIC CIRCLE IN ASIA-PACIFIC
According to the World Economic Outlook released by the International Monetary Fund (IMF) in October 2016, the United States was still the largest economy in the world, accounting for 24.7 percent of the global GDP.
China and Japan ranked the second and the third respectively, while South Korea and Australia also edged into the world's top 15 economies.
The four countries, all located in the Asia-Pacific economic circle, accounted for a quarter of the global GDP.
Analysts said in the context of a lackluster growth and increasing pressure from world economic downturn, the economic development in the region has to a large extent benefited from the building of a free trade circle in the Asia-Pacific.
Free trade agreements (FTAs) of different sizes have been signed among countries and regional organizations such as China, Japan, South Korea, ASEAN, India and Australia, with various free trade areas co-existing and interwoven with one another.
In the spirit of openness, inclusiveness, cooperation and win-win results, the free trade areas between China and other countries or groups in the region, like Australia, South Korea and ASEAN, have withstood the pressure from global economic downturn and boosted the region's growth through expanding and updating those FTAs.
