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U.S., other APEC delegates walk out on Russian speaker

Saturday, May 21, 2022 | Grant Peck, Associated Press


Russia’s Minister for Economic Development Maxim Reshetnikov attends a meeting of trade ministers of the Asia-Pacific Economic Cooperation group in Bangkok, Thailand Saturday, May 21, 2022. Delegates from the United States and four other nations staged a walkout Saturday when the representative from Russia began his opening remarks at the meeting, officials said. (Kyodo News via AP)

BANGKOK (AP) — Delegates from the United States and four other nations staged a walkout Saturday when a representative from Russia began his opening remarks at a meeting of trade ministers of the Asia-Pacific Economic Cooperation group in the Thai capital, officials said.

A Japanese official said Japan's Trade Minister Koichi Hagiuda and his counterparts from the U.S., Australia, New Zealand and Canada walked out of the meeting in Bangkok to protest Russia’s invasion of Ukraine. The official spoke on condition of anonymity because he was not authorized to speak to the media.

A statement from the office of New Zealand Trade and Export Growth Minister Damien O’Connor said he walked out “in protest at Russia’s invasion of Ukraine, which has slowed the region’s economic recovery from COVID and made it harder for people in the region to get food on their tables. He walked out in good company.”

A U.S. official in Bangkok confirmed the walkout but did not provide further details. He asked not to be identified. There is diplomatic sensitivity over speaking about the incident because the proceedings were held in closed session. U.S. Trade Representative Katherine Tai is representing Washington at the meeting.

Thailand is this year's host nation for meetings of APEC, which comprises 21 economies. The two-day trade ministers meeting ends Sunday.

The walkout occurred just as Maxim Reshetnikov, Russia’s minister for economic development, was set to deliver his opening remarks, said a Southeast Asian diplomat, also speaking on condition of anonymity.

He said the delegates of the five protesting nations and their staff walked out together in what appeared to clearly be a planned action, and returned after Reshetnikov completed his remarks.

Western nations have imposed tough diplomatic and economic sanctions on Russia because of its invasion of Ukraine, but many of APEC member nations, especially in Southeast Asia and Latin America, have distanced themselves from such moves. The war in Ukraine has raised major trade issues because it has disrupted supply chains, especially in the food sector.


APEC was launched in 1989 to boost growth by promoting economic integration and trade among its members.

___

Associated Press writers Mari Yamaguchi in Tokyo, Nick Perry in Wellington, New Zealand and David Rising in Bangkok contributed to this report.


7 Stagflation Stocks to Help Navigate Periods of Low Growth

Stagflation is an ugly mix of low economic growth punctuated by high unemployment. And at the root of it all is inflation. For a long time, many economists believed that stagflation was not possible. However, the 1970s changed that thinking. Not only were U.S. consumers facing high inflation, they were also dealing with high unemployment.  

And according to some analysts, history may be getting ready to repeat itself. While economists seem to be split on the probability of a recession, there is growing concern that the United States is entering a period of stagflation. In an effort to combat inflation, the Federal Reserve is pledging to aggressively increase interest rates. There's already evidence of slowing economic growth and waning demand. The next shoe to drop may come in the employment numbers.

This means that investors need to turn their attention to stocks that have the attributes to combat stagflation. This includes companies that have the potential to deliver strong free cash flow. One reason for this is that a healthy cash flow can be applied to reward shareholders with a dividend. And that can boost the total return. Here are seven stocks that can help investors do just that.



View the "7 Stagflation Stocks to Help Navigate Periods of Low Growth".

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