Why it is in news?
- Asian countries have voiced concern about the potentially devastating impact of a U.S.-China trade war, with Ministers calling for the acceleration of talks for a gigantic Beijing-backed free-trade deal that excludes the United States.
Topics dominating discussion
- Fear that a simmering trade spat between the world’s top two economies could spiral into a full-blown trade war ”” with painful consequences for China’s neighbours ”” was among topics dominating discussion at a regional summit in Singapore on Saturday.
Cocerns
- Other top diplomats at the forum, hosted by the Association of Southeast Asian Nations, spoke out against protectionism, warning that it places the region’s development in jeopardy.
- Some Ministers called for the early conclusion of talks for the Regional Comprehensive Economic Partnership, a 16-nation free trade pact.
Source
The Hindu