APEC Leaders Divided on Ukraine, Gaza Wars, Back WTO Reform

US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)
US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)
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APEC Leaders Divided on Ukraine, Gaza Wars, Back WTO Reform

US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)
US President Joe Biden, South Korea's President Yoon Suk Yeol, Japan's Prime Minister Fumio Kishida, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, Vietnam President Vo Van Thuong and Philippines' President Bongbong Marcos take part in a family photo during an Indo-Pacific Economic Framework event at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, California, US, November 16, 2023. (Reuters)

Pacific Rim leaders showed divisions over the wars in Ukraine and Gaza after a two-day summit of the Asia-Pacific Economic Cooperation (APEC) forum on Friday, although they pledged support for reform of the World Trade Organization.

Days of meetings involving APEC ministers and leaders were dominated by a summit on Wednesday between US President Joe Biden and Chinese President Xi Jinping aimed at cooling tensions between the world's two largest economies, which have alarmed the region.

The 21 APEC members, which include Russia and Muslim-majority Indonesia and Malaysia, went into the meetings divided over Russia's war in Ukraine and the Hamas-Israel war in Gaza, and that is how they left them.

A statement issued by this year's APEC chair, the United States, echoed last year's APEC leaders' declaration in saying that "most" APEC members "strongly condemn aggression against Ukraine."

It said the leaders exchanged views on the Gaza crisis, with some objecting to language of the chair's statement in an accompanying "Golden Gate Declaration" covering economic issues "on the basis that they do not believe that APEC is a forum to discuss geopolitical issues."

Some APEC leaders shared the united messages of the Nov. 11 joint Arab-Islamic summit in Riyadh, the chair's statement said.

Brunei, Indonesia and Malaysia in a joint statement said they were among the APEC leaders who supported the messages of the Riyadh summit, which had called for an immediate end to military operations in Gaza, rejecting Israel's justification of its actions against Palestinians as self-defense.

The three countries also called for an "immediate, durable and sustained" humanitarian truce, and for the unhindered provision of essential goods and services to civilians in Gaza.

‘Free, open, fair investment environment’

The APEC leaders' declaration reaffirmed their determination "to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment."

"We are committed to necessary reform of the WTO to improve all of its functions, including conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024," it said.

Despite the frictions over the Ukraine and Middle East wars, the Sino-US talks will have brought some relief to APEC members concerned by a worsening trajectory in the rivalry between the superpowers, which are also the world's largest economies.

The Biden-Xi summit brought agreements to resume military-to-military communications and work to curb fentanyl production, showing some tangible progress in the first face-to-face talks in a year between the two, but no major reset in their strategic rivalry.

Xi appeared to achieve his aims, earning US concessions in exchange for promises of cooperation, an easing of bilateral tensions that will allow more focus on economic growth, and a chance to woo foreign investors who increasingly shun China.

Biden, addressing the other APEC leaders on Friday, urged them to work together to ensure that artificial intelligence brings change for the better, rather than abusing workers or limiting potential.

The US-China signal

Biden used the APEC summit to highlight the strong US economy and its ties to other Pacific nations, even as his vision for greater regional cooperation to counter China's influence stumbled on the trade front over his bid to strengthen workers' rights.

The managing director of the International Monetary Fund, Kristalina Georgieva, told Reuters the Biden-Xi meeting was a badly needed signal that the world needs to cooperate more and a positive sign for cooperation on global challenges, especially climate change.

Much US-China tension is linked to democratically governed Taiwan, which China claims at its own, and the issue has raised fears of a conflict between the superpowers.

Taiwan's APEC envoy, semiconductor magnate Morris Chang, told a news conference on Friday he believed the Biden-Xi summit had been a "good meeting."

He said he had informal interactions with Biden, US Vice President Kamala Harris and US Secretary of State Antony Blinken on the sidelines of APEC, but not with Xi.

As it competes with China for influence, Biden's administration has vowed to continue negotiating an ambitious Asia trade deal as part of the Indo-Pacific Economic Framework it created as a forum for engagement after then-President Donald Trump quit a regional trade pact in 2017.

However, election-year pressures and resistance to tough commitments from some countries make a deal unlikely, trade experts and business groups say.



Saudi Crude Exports Rise to 6.118 Million bpd in May

Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
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Saudi Crude Exports Rise to 6.118 Million bpd in May

Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)

Saudi Arabia’s crude oil exports in May rose to 6.118 million barrels per day from 5.968 million bpd in April, official data showed on Wednesday.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.

In the markets, oil prices rose on Wednesday, a day after Brent crude fell to its lowest level in a month, as the decline in US inventories helped offset the impact of indications of a slowdown in demand from China.

Brent crude futures increased 22 cents, or 0.26 percent, to $83.95 per barrel by 12:02 GMT. US West Texas Intermediate crude futures rose 36 cents, or 0.45 percent, to $81.12 per barrel.

Both benchmarks fell in the previous three sessions, with Brent crude futures recording $83.30 on Tuesday, the lowest level since June 17.

Market sources, citing data from the American Petroleum Institute, said that US crude oil inventories fell by 4.4 million barrels in the week ending July 12.

Analysts polled by Reuters estimated crude stocks would fall by 33,000 barrels. The sources said that gasoline stocks increased by 365,000 barrels, and distillate stocks increased by 4.923 million barrels.

At the same time, rising geopolitical risks are supporting oil prices. A Liberia-flagged oil tanker was assessing damage and investigating a potential oil spill after it was attacked by the Houthis in the Red Sea, the Red Sea and Gulf of Aden Joint Maritime Information Center (JMIC) said on Tuesday.

Meanwhile, official data this week showed that the Chinese economy grew 4.7 percent in the second quarter, the slowest pace since the first quarter of 2023, capping crude price gains.