Trade talks begin as world leaders look for leverage – Australian Associated Press

Leaders of the world’s largest economies are set to meet as the international community looks to strengthen trade relations ahead of Trump’s presidency.

The new president of the United States, Donald Trump, announced that he will impose 10-20 percent or higher customs duties on Chinese goods on imports from America.

Prime Minister Anthony Albanese is in Peru with Agriculture Minister Julie Collins for the annual Asia-Pacific Economic Cooperation (APEC) leaders’ summit.

While host Peru seeks to achieve consensus statements at the non-binding economic forum, the Australian ambassador said officials were focusing on talks with the current American administration.

“Right now, the president, Joe Biden, it’s up to them to talk among the leaders rather than speculate,” Vitaliano Gallardo told AAP when asked about preparations for Trump-tagged tariffs.

Mr. Gallardo said he also hoped consensus would be reached on a revitalized plan for the Asian free trade area.

Peru is set to sign an updated trade agreement with China with President Xi Jinping on behalf of APEC.

Mr. Gallardo said he was wrapping up negotiations on a trade agreement with Hong Kong and was working to strengthen economic relations with Indonesia.

Mr Albanese highlighted talks on reforming the World Trade Organization to “ensure that free and fair trade benefits the people of our region”.

“This is about raising Australia’s living standards by ensuring we can continue to export to our region and to the world,” Mr Albanese told reporters after landing in the country on Thursday (AEDT).

Opposition Leader Peter Dutton also stressed the importance of open trade.

“Australia is an important participant in the APEC process. There will be important issues there,” he told reporters in Melbourne.

“Ultimately what Australia needs to do is advance our interests in the region. “This includes more trade opportunities so we can create jobs and grow the economy.”

It is in the world’s interest to take action on climate change and commit to net-zero emissions, Mr. Albanese said, following concerns that Mr. Trump could roll back progress by withdrawing the United States from major environmental commitments.

While leaders meet at APEC on Friday and Saturday, counterparts and high-level representatives from around the world are also meeting for a major environmental summit in Azerbaijan.

Discussions at COP29 also include climate finance to help vulnerable nations adapt and respond to the impacts of climate change.

Climate Change Minister Chris Bowen has vowed to continue pushing forward action despite any change of administration in the US.