Officials from 21 Pacific Rim economies, including the
The series of Asia-Pacific Economic Cooperation meetings this week in Yokohama, just south of Tokyo, will culminate next weekend in a summit bringing together President Barack Obama, Chinese President Hu Jintao, Japanese Prime Minister Naoto Kan and 18 other leaders.
Officials from 21 Pacific Rim economies, including the
The series of Asia-Pacific Economic Cooperation meetings this week in Yokohama, just south of Tokyo, will culminate next weekend in a summit bringing together President Barack Obama, Chinese President Hu Jintao, Japanese Prime Minister Naoto Kan and 18 other leaders.
According to a draft of APEC's final communique obtained by The Associated Press, the leaders will agree to take "concrete steps toward realization of Free Trade Area of the Asia-Pacific (FTAAP)" encompassing all 21 members around the Pacific.
But some members, such as
The draft sets no timeframe for achieving such a Pacific-wide FTA. But as a building block toward that goal it points to the Trans-Pacific Partnership, a free trade agreement that the U.S. and four other nations — Australia, Malaysia, Vietnam and Peru — are negotiating to join. The TPP currently consists of four small economies:
While the APEC meetings' agenda will focus on promoting trade and investment, political issues are sure to crop up in meetings between foreign ministers and leaders on the sidelines later this week.
Tensions over territorial disputes are also bubbling between host
Ties between Tokyo and Beijing are their worst in several years since Japan arrested — and then released — a Chinese fishing boat captain who collided with two Japanese patrol vessels off disputed islands in the East China Sea in September. The leak of a purported video of the collisions on YouTube on Friday could further inflame emotions in both countries.
Beset by disputes with
However, there are no firm plans for
This year's APEC meetings will be overshadowed some by the Group of 20 summit in
About half the G-20 leaders will also attend the APEC summit.
APEC members also aim to outline an overarching economic growth strategy that seeks to be balanced and compatible with efforts to protect the environment.
Also, developed member economies the U.S., Japan, Canada, Australia and New Zealand will be measured in their progress toward achieving free and open trade and investment by 2010 — this year — as set by APEC leaders in Bogor, Indonesia, in 1994.
Under the so-called Bogor Goals, developing economies had until 2020 to meet that goal, but eight other members, including
APEC, which started in 1989, represents 44 percent of global trade and 53 percent of global gross domestic product.