He said Asia-Pacific Economic Cooperation (APEC), whose economies constitute about 60% of global gross domestic product, assumes a central role in spearheading post-pandemic economic recovery.
"We will further reduce tariffs and institutional costs., and expand imports of high-quality products and services from all countries", Xi said in a keynote speech delivered via video at the APEC CEO Dialogues, ahead of a leaders' virtual summit on the future of worldwide cooperation on Friday.
APEC gatherings have in recent years been overshadowed by escalating trade tensions between the U.S. and China, and leaders were unable to agree on a formal written declaration for the first at their most recent summit in 2018.
Xi also said China would consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership - a giant regional free trade pact once championed by the United States under Barack Obama - but abandoned by Trump.
"There is wide ranging ground to cover this year - with APEC economies intently focused on ways to advance the regional COVID-19 response and recovery, APEC's guiding mandate due to be refreshed, and shortly we will take up the reins of APEC's first fully-virtual year".
APEC gatherings have in recent years been overshadowed by trade tensions between the USA and China - leaders could not agree on a joint declaration at their previous summit in 2018 - but there are hopes for a more constructive American approach under Biden.
Hosted by Malaysia, the summit this year has been organized with the theme 'Optimising Human Potential Towards a Resilient Future of Shared Prosperity: Pivot.
While continuing to promote WTO reform, he said Japan will "aspire for the Free Trade Area of the Asia-Pacific". New Zealand will also host APEC meetings virtually due to the pandemic.
APEC is a crucial framework promoting the liberalisation of trade and investment and the strengthening of connectivity, in accordance with global rules, within the Asia-Pacific region, Suga said in his speech themed "Re-starting Asia Pacific Growth". The only time he has joined an APEC summit - held annually - was in 2017.
Apec members in green.
"As we confront this generation's biggest economic challenge, we must not repeat the mistakes of history by retreating into protectionism".
The Malaysian PM mentioned APEC's prioritised fields, including support for rules-based multilateral trade system, and promotion of digital economy and comprehensive economic growth.
China's status as a world's factory has been affected by declining global markets and US President Donald Trump's trade war as well his move to ban Chinese tech firms like Huawei, TikTok.
"We need to work together as a world to say not only is it not in the world's interest - it's actually not in China's interest - to continue to behave in a way that's trying to use its weight to get its way", Trudeau said during an interview on the sidelines of the APEC summit.