APEC leaders seek free trade progress at annual summit

Screen Shot 2014-11-11 at 9.48.07 AM

US President Barack Obama, Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe, who helm the world’s three biggest economies, are among the leaders of the Asia-Pacific Economic Cooperation (APEC) forum.

Asia-Pacific leaders gather on Tuesday (Nov 11) for the climax of their annual summit with region-wide free trade the key focus as they try to narrow differing views on how to achieve it.

US President Barack Obama, Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe, who helm the world’s three biggest economies, are among the leaders of the Asia-Pacific Economic Cooperation (APEC) forum.

China wants the 21-member APEC meeting to endorse a stronger commitment to the Free Trade Area of the Asia-Pacific (FTAAP) idea, a longer-term concept for the entire region that would build on other free-trade initiatives including the US-backed Trans-Pacific Partnership (TPP).

The US has long pushed TPP, which aims for a loosening of trade restrictions, but so far excludes China while embracing 11 other Pacific Rim countries including Japan, Canada, Australia and Mexico.

Some Chinese analysts and state media have framed the TPP as an attempt to check Beijing’s growing economic clout, allegations Washington dismisses.

The 10-member Association of Southeast Asian Nations, meanwhile, champions the Regional Comprehensive Economic Partnership, which would bring together ASEAN and six countries with which it has FTAs, including China, Japan and India.

APEC accounts for more than 50 percent of global gross domestic product, nearly half of world trade and 40 percent of the Earth’s population.

Set up 25 years ago, it has long pushed free trade among its members, who have separately pursued bilateral and multilateral deals with other economies both inside and outside the organisation.

APEC summits combine group meetings with a chance for leaders to meet on the sidelines in one-to-one bilateral sessions to discuss issues that affect their direct relations.

Xi and Abe on Monday held the first summit between Chinese and Japanese leaders since December 2011 as they seek to repair relations soured by disputes over territory and World War II history.

But APEC, a consensus-based grouping that has over the years sometimes been criticised as an expensive talking shop, also combines serious policy discussions with pomp and colour.

At Monday’s formal dinner that kicked off the summit, the hosts rolled out a gleaming red carpet for the leaders who arrived decked out in sleek, high-collared tunics, with hundreds of wildly cheering dancers dressed in the costumes of China’s dozens of ethnic minorities outside the venue.

On Tuesday the summit venue moves from Beijing to a scenic lake outside the Chinese capital.

Despite its tendency to paper over differences, APEC’s diversity masks the great power rivalries at play inside it.

Xi offered the world a vision of a Chinese-driven “Asia-Pacific dream” on Sunday in a speech to APEC business leaders, while Obama, speaking to the same audience on Monday, stressed US global leadership, calling his country a “thoroughly Pacific nation”.

 

 

Source : Channel News Asia | November 11, 2014

Thomas D’Innocenzi

Advertisements

About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
This entry was posted in Business, Economy, Global Sourcing and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s