Getting Down With TPP

On Wednesday, November 10, 2010, a few days prior to the 18th APEC Economic Leaders’ Meeting of November 13 and 14, 2010, 3000 farmers and fishermen protested Japan’s plans to initiate discussions to join the Trans-Pacific Partnership (or “TPP”). The farmers and fisherman were not getting down with TPP.  APEC, or Asian-Pacific Economic Cooperation and trade forum where the Japanese government, in sharp contrast, will hopefully join the TPP, and is comprised of 21 Member Economies which are: Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; and Viet Nam.  The 18th APEC Economic Leaders’ Meeting where leaders of the 21 nations meet in Yokohama located in the eastern Kanagawa Prefecture, Japan, comes the day after the G20 Summit in Seoul, Republic of Korea ended.  With the goal of supporting sustainable economic growth and prosperity in the Asia-Pacific region, APEC is the premier Asia-Pacific economic trade forum established in 1989 ””to further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community.”   Since inception, APEC’s total trade has grown 395% while GDP in purchasing power parity for the APEC region has tripled.

President Barack Obama was in attendance at the 18th APEC Economic Leaders’ Meeting today and has already held a bilateral meeting with the Prime Minister of Japan, Naoto Kan, with regard to the TPP and opening up the Asia-Pacific Rim to American exports thereby creating more jobs in America.  President Obama also welcomed Japan’s interests in the TPP.  As reported by CNN’s Kyung Lah in Yokohama, the TPP is “the NAFTA of East Asia.”  The CNN correspondent further stated that although one of the topics at the meeting is trade, all eyes are upon the results of the meeting as China’s growing rise in economic power is “casting a shadow over all of APEC.”  “Even if Japan decided to sign on to the TPP tomorrow, you also can not have any sort of free trade zone that would be significant without considering economic superpower in this region which is China….”   The outcome of the 18th APEC Economic Leaders’ Meeting should prove to be one that is at least ”interesting,” if no solutions are reached similar to the outcome of the G20 Summit in Seoul.

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G20 Leaders Promise to Deliver

Following the G20 Summit in Seoul, Republic of Korea, G20 Leaders reassured the world with “what we promise, we will deliver,”  in reference to the commitments that were made during the summit.  Although the commencement of the G20 Summit began with stalled negotiations between the United States and Republic of Korea over a free trade agreement between the respective countries which was followed with an all out verbal war over currency exchange and quantitative easing, a verbal war that threatened to undermine the credibility of the G20, the G20 Leaders closed the summit and agreed to develop common views to meet new challenges and a path to a sustainable and balanced growth in the post-crisis economy.  The G20 Summit in Seoul delivered an action plan that was composed of comprehensive, cooperative and country-specific policy actions to move them closer to shared objectives, concerning: the Mutual Assessment Process (MAP); implementation of structural reforms that increase sustainable global demand; fostering job creation and increasing the potential for sustainable growth; undertaking of macroeconomic policies, including fiscal consolidation where necessary; providing instruments to strengthen global financial safety nets; and an Anti-Corruption Action Plan, among other objectives.

Upcoming summits were scheduled for 2011 in France and 2012 in Mexico.

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G20 Summit: Leaders Arrived In Seoul & Bilateral Meetings Concluded

Leaders of the G20 arrived in Seoul for two days in talks on the Global Economy.  Although the talks officially begin tonight, many bilateral meetings were held today.  One bilateral meeting was that of the Korean and American Presidents in reference to free trade which failed to move forward their respective countries’ agreements.  US officials stated that the main reason for the disagreements were over US carmakers access to the South Korean auto market. 

What is expected at this G20 summit is a set of tough new rules on bank regulations that is part of efforts to prevent a repeat of the Global Financial Crisis, although there is disagreement on the closing statements on the issues of trade imbalances and foreign exchange rates.

Outside the G20, several protestors denounced the summit.  A woman was even arrested after she threatened to ignite herself on fire according to the police.

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