(Adds start of meeting, Malaysia PM comments)
By Rozanna Latiff and Joseph Sipalan
KUALA LUMPUR, Nov 20 (Reuters) - A virtual summit of Asia
Pacific leaders started on Friday with U.S. President Donald
Trump and his Chinese counterpart Xi Jinping in attendance to
discuss the coronavirus crisis and global economic recovery amid
lingering trade differences.
The pair joined a meeting of the leaders of the 21-nation
Asia-Pacific Economic Cooperation (APEC) hosted virtually by
Malaysia just two weeks after Trump lost his re-election bid.
Asia Pacific leaders have called for more open and
multilateral trade to support the economic recovery and warned
against protectionist trade policies, with Xi saying
unilateralism has added to global economic risks.
At the last APEC summit in 2018, member countries failed to
agree on a joint communique for the first time in the bloc's
history as the United States and China disagreed on trade and
investments.
Trump has slapped tariffs on billions of dollars worth of
Chinese products, which launched a trade war between the world's
two largest economies.
In opening remarks at the leaders' meeting, Malaysian Prime
Minister Muhyiddin Yassin said the bloc's top priority should be
to reaffirm its support and commitment for a rules-based
multilateral trading system.
"This is essential for our businesses, as market stability
and predictability are the central pillars which ensure that
trade and investment continue to flow, even during times of
crisis," Muhyiddin said.
Other leaders who joined the virtual meeting include New
Zealand Prime Minister Jacinda Ardern, Japanese premier
Yoshihide Suga, Russian President Vladamir Putin and Canadian
Prime Minister Justin Trudeau.
PROTECTIONISM
In the run-up to Friday's meeting, several APEC leaders
warned against protectionism as the world grapples with the
economic impact of the novel coronavirus.
"As we confront this generation's biggest economic
challenge, we must not repeat the mistakes of history by
retreating into protectionism," Ardern said on Friday, speaking
at the APEC CEO Dialogues.
"APEC must continue to commit to keeping markets open and
trade flowing."
Other Asia Pacific leaders have also expressed hope that the
incoming U.S. administration of Joe Biden will engage more and
support multilateral trade. Trump pulled the United States out of the Trans-Pacific
Partnership trade pact. The United States is also absent from
the world's largest free-trade bloc, the Regional Comprehensive
Partnership Agreement (RCEP) - a 15-nation pact backed by China
that was signed last week.
The Trump administration has been criticised for a lower
level of engagement in Asia. The only time he has joined an APEC
summit - held annually - was in 2017. Last year's summit in
Chile was cancelled due to violent protests.
Trump also missed two virtual Asia meetings last week: the
10-member Association of Southeast Asian Nations (ASEAN) summit
and the broader East Asia Summit.
Other than working on a joint communique, the APEC leaders
are expected to discuss the bloc's post-2020 vision, which would
replace the 1994 Bogor Goals - a set of targets on reducing
barriers to trade and investment - that expire this year.