Exclusive | Chinese, US corporate leaders propose to defuse trade tension on supply chain, new-energy vehicles at Apec’s business lobby
- The Chinese and US delegations of the Apec Business Advisory Council (Abac) proposed to establish a sustainable supply chain management mechanism
- The group also proposed to add new-energy products such as electric vehicles, solar panels and batteries to a tariff-free schedule
Chinese and American business leaders are proposing to defuse two contentious trade issues between the two nations, as they seek to strike a tone that is more conducive to commerce between the world’s two largest economies.
The Chinese and US delegations of the Business Advisory Council (Abac) of the Asia-Pacific Economic Cooperation Forum (Apec) proposed to establish a sustainable supply chain management mechanism, according to the Chinese team’s chairman Ning Gaoning.
The mechanism would ensure “resilience in the global supply chain, and be beneficial to businesses,” Ning said in an interview during the Abac’s meeting in Hong Kong, adding that the proposal was “well received” and received “lots of comments.”
The two proposals would next be submitted to the relevant trade or commerce ministries in each of the 21 member economies of Apec – including Hong Kong and Taiwan – for discussion by their senior officials, before they are recommended to the respective heads of government. If adopted, the proposal could make its way into the communique after the Apec Leaders’ summit in the Peruvian capital Lima, during a weeklong meeting that starts on November 10.