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00:00:00
>>
FOREIGN]
> A group of Asia pacific leaders failed to find consensus for the first time in their history on Sunday, at a summit in Papua New Guinea, highlighting a divide between China and the United States. Instead of the usual joint communique, Papua New Guinea leader Peter O'Neil, the host was left to give a rundown of how the talks unraveled.
00:00:21
When asked why the 21 members of APEC failed to agree, he said you know the two big giants in the room. APEC stands for Asia Pacific Economic Cooperation. Though as Reuters John Mair explains, cooperation is hard when your two big members are in a trade war.>> Well it is unusual not to get a communique out of these events, it's normally a perfunctory summary of what was agreed at the meeting if there are contentious issues.
00:00:45
The fact that one couldn't be reached shows just how deep the divisions were. The main issue appears to have been a reference to the World Trade Organization and a call for and that goes to the heart of the dispute that was seen between the US and China over global trade and the role of multi lateral trade systems.
00:01:02
America wanted the WTO referencing and the Chinese wanted it out from what we hear.>> World leaders were there to discuss trade throughout the region. US Vice President Mike Pence and Chinese President, Xi Jinping were among them. The two countries presented their competing visions for the future of the global economy.
00:01:19
Pence used a blunt speech on Saturday to say there will be no end to US tariffs on Chinese goods until Beijing changed its ways. He also warned countries away from Chinese loans for big infrastructure projects.>> Do not accept foreign debt that could compromise your sovereignty. Protect your interests.
00:01:39
Preserve your independence. And just like America, always put your country first.>> Chinese leader Xi seemed to take a swipe at the Trump administration's America First policies. He said protectionism and unilateralism were short sighted and doomed to fail.