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APEC seeks to put the trade balance right

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APEC seeks to put the trade balance right

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Leaders of some of the world’s biggest powers have begun a regional summit in Singapore that seeks to free up the post recession global economy.

The balance of power in the Asia Pacific or APEC region has shifted in recent years. China has developed ties while the US has been preoccupied with wars elsewhere. But the US has promised to re-engage in Asia, where President Obama is currently on a nine-day tour. In Tokyo he spoke of the need to work together in the modern world. “In the 21st century, the national security and economic growth of one country need not come at the expense of another. I know there are many who question how the United States perceives China’s emergence. But as I have said; in an inter-connected world, power does not need to be a zero-sum game, and nations need not fear the success of another,” said Obama. Several leaders at the summit, including those from Mexico and Russia, have already criticised what they see as American protectionism going against the principles of free trade. The world’s biggest economy must address these fears in order to help redress the global economic balance.