APEC Summit 2010 Spearheads Free Trade Policies
The APEC Summit has finally ended last Sunday after four days of the annual conference meeting which comprised of presidents from the world’s strongest economies. The participating countries are now proud to be one step closer to solving the global fiscal crisis which is considered to be one of the most pressing global issues to date.
The APEC Summit was held in 2 different venues. The first part of which took place in Seoul, Korea; comprising of the 20 member countries – which are considered to be one of the most advanced countries and the emerging economies of the world. The second summit venue was in Yokohama, Japan which was the official leader’s gathering.
The Summit was marked by tensions between two of the world’s strongest economies, namely, the United States and China. The issue: President Obama’s persuasive moves on the Chinese government to reconstruct their economy and allow more exports from the US to flow into mainland China. On Beijing’s side, they are still very cautious in making any drastic changes in their economy that could weaken their momentum.
According to China’s leader, Hu Jintao, the problem with advanced economies is increasing unemployment numbers; developing economies on the other hand are also struggling with pressures from inflation and asset price bubbles.
Despite some agreements, the second meeting in Japan’s port city did agree on one thing: the establishment of a tree trade which will link the growing economic giant to the rest of the world.
Aside from that, the participating countries also agreed in joint measures to relive the global trade talks of the Doha round and to stop the use of competitive devaluations as a means of economic recovery.
One of the main goals for this year’s summit was to establish a concrete plan and make the very first steps to creating Free Trade Area of the Asia-Pacific (FTAAP). This aims to link the advanced economies to developing countries in Asia and Latin America.
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APEC Summit 2010 Spearheads Free Trade Policies
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