APEC Trade Chiefs Agree on More Inclusive Trade

APEC Ministers Responsible for Trade Meeting Chair Ambassador Katherine Tai delivers concluding remarks during a news conference at the Westin Book Cadillac hotel in Detroit, Michigan on May 26, 2023. (Photo by JEFF KOWALSKY / AFP)
APEC Ministers Responsible for Trade Meeting Chair Ambassador Katherine Tai delivers concluding remarks during a news conference at the Westin Book Cadillac hotel in Detroit, Michigan on May 26, 2023. (Photo by JEFF KOWALSKY / AFP)
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APEC Trade Chiefs Agree on More Inclusive Trade

APEC Ministers Responsible for Trade Meeting Chair Ambassador Katherine Tai delivers concluding remarks during a news conference at the Westin Book Cadillac hotel in Detroit, Michigan on May 26, 2023. (Photo by JEFF KOWALSKY / AFP)
APEC Ministers Responsible for Trade Meeting Chair Ambassador Katherine Tai delivers concluding remarks during a news conference at the Westin Book Cadillac hotel in Detroit, Michigan on May 26, 2023. (Photo by JEFF KOWALSKY / AFP)

Trade ministers from the Asia Pacific Economic Cooperation (APEC) countries agreed on Friday to promote more inclusive and sustainable trade, but failed to produce a joint statement due to Russia and China's objections to language on Ukraine.

Closing out two days of talks in Detroit, the APEC host, US Trade Representative Katherine Tai, instead issued a chair's statement summarizing the discussions, with an emphasis on inclusiveness, fighting climate change and sustainability.

"We reaffirm our determination to deliver a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade and investment environment," the statement read.

According to Reuters, the group reaffirmed its commitment to the rules-based multilateral trading system with the World Trade Organization at
its core. "We will continue to work to ensure a level playing field to foster a favorable trade and investment environment and reaffirm our commitment to keep markets open and to address supply chain disruptions," it said.

APEC leaders last November in Bangkok approved language stating that "most members" strongly condemned the war in Ukraine and the resulting human suffering and economic impact.

But at the meeting in Detroit, China and Russia objected to including the language, leaving it to Tai's chair's statement, which noted there were differing views and that "APEC is not the forum to resolve security issues."

Tai told a news conference that she hoped APEC leaders at a November summit in San Francisco would be able to produce a joint statement.

Tai used the Detroit meeting as a venue for pushing the Biden administration's vision of a "worker-centered" trade policy to a broader international audience. She said she chose Detroit to showcase its history as a city hit hard by aggressive trade liberalization, but which has seen a rebirth and shift to new green transportation technology.

"I'm confident that APEC's reputation as an incubator of ideas and a catalyst for cooperation can also benefit our work in driving a race to the top for workers throughout the region," she said.



Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
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Oil Falls from Highest since October as Dollar Strengthens

People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP
People stand on the the pier with offshore oil and gas platform Esther in the distance on January 5, 2025 in Seal Beach, California. Mario Tama/Getty Images/AFP

Oil prices dipped on Monday amid a strong US dollar ahead of key economic data by the US Federal Reserve and US payrolls later in the week.
Brent crude futures slid 28 cents, or 0.4%, to $76.23 a barrel by 0800 GMT after settling on Friday at its highest since Oct. 14.
US West Texas Intermediate crude was down 27 cents, or 0.4%, at $73.69 a barrel after closing on Friday at its highest since Oct. 11, Reuters reported.
Oil posted five-session gains previously with hopes of rising demand following colder weather in the Northern Hemisphere and more fiscal stimulus by China to revitalize its faltering economy.
However, the strength of the dollar is on investor's radar, Priyanka Sachdeva, a senior market analyst at Phillip Nova, wrote in a report on Monday.
The dollar stayed close to a two-year peak on Monday. A stronger dollar makes it more expensive to buy the greenback-priced commodity.
Investors are also awaiting economic news for more clues on the Federal Reserve's rate outlook and energy consumption.
Minutes of the Fed's last meeting are due on Wednesday and the December payrolls report will come on Friday.
There are some future concerns about Iranian and Russian oil shipments as the potential for stronger sanctions on both producers looms.
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, two sources with knowledge of the matter said on Sunday.
Goldman Sachs expects Iran's production and exports to fall by the second quarter as a result of expected policy changes and tighter sanctions from the administration of incoming US President Donald Trump.
Output at the OPEC producer could drop by 300,000 barrels per day to 3.25 million bpd by second quarter, they said.
The US oil rig count, an indicator of future output, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday.
Still, the global oil market is clouded by a supply surplus this year as a rise in non-OPEC supplies is projected by analysts to largely offset global demand increase, also with the possibility of more production in the US under Trump.