Kuala Lumpur (TIP): Leaders from Japan and New Zealand on Friday warned countries against the temptation of retreating into trade protectionism, saying that keeping markets open is the way to restore a global economy battered by the COVID-19 pandemic. Speaking by video link from Tokyo to a meeting of Asia-Pacific CEOs, Japan’s Prime Minister Yoshihide Suga said a “free and open Indo-Pacific will be the cornerstone for the prosperity of this region.” Japan and 14 other Asian neighbours on Sunday signed the world’s largest free trade agreement, the Regional Comprehensive Economic Partnership. Suga, who took office in September, said Japan will next push for a wider free trade pact among the 21 members of the Asia-Pacific Economic Cooperation.

“Amidst a risk of inward-looking temptations in the face of the slump of the global economy, making rules for a free and fair global economy is critically important,” he said, adding: “While continuing to promote WTO reform, Japan will aspire for the Free Trade Area of the Asia-Pacific.”

The event came ahead of a meeting late Friday of APEC leaders hosted by Malaysia that will be conducted via video conference due to the pandemic. Malaysian officials said US President Donald Trump, who is busy challenging the outcome of the recent presidential election, will participate.

Trump last participated in the APEC forum in 2017 and last weekend skipped the East Asia Summits, also held online. Trump, or his representative, was initially due to speak to the CEOs Friday morning but that was cancelled, with no reasons given. New Zealand Prime Minister Jacinda Ardern, who spoke to the CEOs after Suga, voiced hope that APEC leaders will agree at their meeting on new development goals for the next 20 years that focus on free trade, digital innovation, and sustainability and inclusion. “As we confront this generation’s biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism. The APEC must continue to commit to keeping markets open and trade flowing,” she said.

As the APEC chair for next year, Ardern urged the APEC economies to work together to “reignite growth and plan for a long-lasting economic recovery” that is sustainable, inclusive and digitally enabled. New Zealand will also host APEC meetings virtually due to the pandemic. The APEC’s 21 member economies are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia Singapore, Taiwan, Thailand and the US. AP Lord Desai quits Labour Party over racism

London (TIP): Indian-origin economist, author and peer Lord Meghnad Desai has resigned as a member of the UK’s opposition Labour Party over its failure to effectively tackle anti-semitic racism within its ranks. The 80-year-old said he was forced to take the decision after former party leader Jeremy Corbyn was readmitted after just 19 days of suspension despite findings of “unlawful acts” by the country’s human rights watchdog.

“It was a very peculiar decision to allow him back without any apology. He has been refused the party whip in the House of Commons for a few months, but that is a very lame response to a very big crisis,” he said. “I have been very uncomfortable and slightly ashamed that the party has been injected with this sort of racism. Jewish MPs were abused openly, and female members were trolled. It is out and out racism,” said Desai. — PTI