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Summit in Hawaii:US, China at odds over TPP

Monday, November 14, 2011

Laaska News  Nov. 14,2011

APEC leaders meet in Honolulu to ponder regional economic integration, growth strategy

A division between the United States and China is becoming clear over the Trans Pacific Partnership free trade agreement at the APEC summit in Hawaii.

Leaders of the United States, Australia, Singapore, and another 6 Pacific Rim countries participating in the US-led TPP negotiations met in Hawaii on Saturday on the sidelines of the APEC summit. They said in a joint statement that they broadly agreed on the elimination of tariffs and ways to liberalize investment, intellectual property, and other fields.

US President Barack Obama stressed his hope to reach a final agreement next year. Amid a prolonged economic downturn at home, he wants to create jobs by boosting exports through the TPP.

On the same day, Chinese President Hu Jintao addressed business leaders from the Asia Pacific region. He expressed China’s intention to play a leading role in crafting a free trade framework.

China aims to further expand its economy by taking advantage of growth in other parts of Asia. Last year, the nation launched a free trade agreement with the Association of Southeast Asian Nations. China is cautious of the TPP, of which it is not a member.

In a meeting with US President Barack Obama, Prime Minister Yoshihiko Noda informed Obama of Japan’s intention to begin consultations with TPP member states with an eye toward fully entering negotiations. While Obama welcomed the move, China cautioned Japan to avoid committing itself too deeply to the US-led free trade zone.

China is increasingly wary that the United States is taking the initiative in setting rules for trade and investment for the TPP.

NHK.

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APEC leaders meet in Honolulu to ponder regional economic integration, growth strategy

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HONOLULU, the United States, Nov. 13 (Xinhua) — Leaders from 21 Pacific Rim economies began their first session of the Asia- Pacific Economic Cooperation (APEC) 19th informal leadership meeting in Hawaii, the U.S. on Sunday to set a vision for regional economic integration and sustainable growth amid fragile world economic recovery.

With the theme of “Closely Linked to the Regional Economy”, the annual meeting is expected to focus on the Asia-Pacific regional economic growth, regional economic integration, green growth, energy security, regulatory cooperation and other issues.

This year’s APEC meeting convenes at a time when the global economic recovery is fraught with instability and uncertainty, and encounters growing risks and challenges.

In face of the challenges, the leaders, over the course of a two-session meeting on Sunday, will ponder the future direction for regional economic integration and formulate a new economic growth strategy to sustain economic recovery and lay the foundation for future prosperity.

APEC is the premier economic forum in the Asia-Pacific region.

Founded in 1989, APEC has since grown to encompass 21 members, and represents the most economically dynamic region in the world, accounting for approximately 40 percent of the world’s population, around 50 percent of the world’s GDP and about 44 percent of world trade.

APEC’s 21 member economies are Australia, Brunei, Canada, Chile, China, China’s Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam.

Xinhua.
 
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