Chinese President Xi Jinping is set to meet with leaders from Canada and Japan during a significant gathering of Pacific Rim leaders in Gyeongju, South Korea. This annual event, part of the Asia-Pacific Economic Cooperation (APEC) summit, is taking place on Friday, November 3, 2023. Xi’s participation follows a fragile trade truce with U.S. President Donald Trump, designed to ease tensions and bolster global supply chains for critical resources.
Xi Meets Canadian and Japanese Leaders Following Trump Trade Truce
This year’s discussions will focus on enhancing supply chain stability, a crucial theme as nations navigate their economic relationships. Although the APEC meetings aim for cooperation and reduced trade barriers, the nature of decisions made is non-binding, which can complicate consensus.
Meeting With Japan’s New Leader
One of the key interactions will be between Xi and Japan’s newly elected leader, Sanae Takaichi. Takaichi’s recent rise to becoming Japan’s first female leader coincides with her nationalistic viewpoints and hawkish security stance. Her military focus is on reinforcing Japan’s defenses against what many perceive as China’s growing assertiveness.
During her initial week in office, Takaichi accelerated Japan’s military build-up. Topics likely to arise in discussions include the detention of Japanese citizens in China and Chinese import restrictions on Japanese agricultural products, including beef and seafood.
Canada’s Engagement with China
Canadian Prime Minister Mark Carney will also engage with Xi, seeking to revive relations with China amid ongoing tensions. Canada has historically relied heavily on the United States for trade, but recent political conflicts have prompted a pivot towards alternative markets.
- China ranks as Canada’s second-largest trading partner.
- Prior trade issues include China’s preliminary anti-dumping duties on Canadian canola imports.
- Canada previously imposed a 100% tariff on electric vehicle imports from China.
Carney’s attempts to rekindle discussions follow a tumultuous period marked by the detention of Canadian nationals and allegations of Chinese interference in Canadian elections.
Trump’s Absence and Its Implications
Absent from the summit, President Trump is represented by U.S. Treasury Secretary Scott Bessent. Bessent will partake in discussions focused on rebuilding cooperative efforts in the Asia-Pacific region. South Korean Prime Minister Lee Jae Myung will lead these sessions.
The summit’s outcomes remain uncertain, with mixed feelings among diplomats regarding the likelihood of substantial agreements. Previous APEC gatherings struggled to produce joint declarations due to persistent global political divisions.
In the backdrop of these discussions, Nvidia’s CEO Jensen Huang is also scheduled to speak, marking a notable week for the tech industry as Nvidia achieved a market valuation of $5 trillion. However, issues surrounding the sale of advanced AI chips in China were notably left out of the agenda.
The APEC summit concludes on Saturday, where leaders hope to find common ground amid diverse and complex international relationships.
