"There is a statement of consensus that has been agreed to by the leaders that I am authorized to release," Papua New Guinean Prime Minister Peter O'Neill was quoted as saying by Nikkei Asian Review. "Out of that, there are only one or two issues they disagreed on."
The Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting concluded on November 17 without a joint declaration for the first time since meetings began in 1993, but a chairman's statement will be released later as a substitute, according to O'Neill.
He said that the talks broke down over language about the WTO, adding that reforming the WTO and other trade issues were the major points of contention.
Papua New Guinea's Prime Minister Peter O'Neill speaks at the closing of the Asia-Pacific Economic Cooperation (APEC) summit in Port Moresby, November 18, 2018. /VCG Photo
"The APEC leaders also recognized the rising tensions between the trading countries around the world, particularly on goods and services that are traded between each other," he said.
"We suffer when rules are broken or ignored; we benefit when rules are followed by all countries, large and small," the prime minister noted when opening the APEC CEO Summit in Port Moresby last week.
"We all have to hope it goes in a constructive direction. Because otherwise, the loss to the parties, to the U.S. and China, as well as to other countries like Singapore and everybody else in the region and in the world will be considerable," Singapore's Prime Minister Lee Hsien Loong said while wrapping up his visit to Papua New Guinea, the Strait Times reported.
Reportedly, Christine Lagarde, managing director of IMF, told APEC leaders on November 17 that a trade conflict could reduce the world gross domestic product (GDP) by some 0.8 percent.
Chinese President Xi Jinping (4th R, front) poses for a group photo before a banquet held for leaders and representatives attending the 26th APEC Economic Leaders' Meeting and their spouses in Port Moresby, capital of Papua New Guinea, November 17, 2018. /Xinhua Photo
Japanese Prime Minister Shinzo Abe was quoted by an official from Japan as saying: "As the flag-bearer of free trade, Japan will take necessary steps to develop free and fair rules in multilateral, regional, and bilateral relations."
Chinese State Councilor and Foreign Minister Wang Yi on Monday blamed excuses for the failure of issuing a leaders' communique, saying that it is mainly that individual economies insisted on imposing their own texts on other parties, excusing protectionism and unilateralism, and not accepting reasonable revisions from the Chinese and other parties.
Chinese foreign ministry spokesperson Geng Shuang also commented on Monday that the meeting has promoted practical cooperation across the board under the APEC framework and achieved positive outcomes with the concerted efforts of all parties.
"China has played a constructive role in promoting a successful APEC meeting, and shown its utmost sincerity," said Geng, adding that consultations on the basis of consensus are a fundamental principle for APEC members to cooperate, as well as a precondition that guarantees a healthy development of the APEC.
Chinese President Xi Jinping reiterated at speeches during the APEC meetings that international rules should be formulated by the international community, not in a might-is-right way, stressing that equality, openness, transparency, and inclusiveness should be reflected during reform.