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Asia Minute: APEC’s Uncertain Trade Future

President of Russia Via CC
President of Russia Via CC

President Obama has wrapped up the last foreign trip of his presidency. His final stop was Peru—for the annual meeting of the Asia Pacific Economic Cooperation forum---APEC. It’s an event that always gets a lot of media attention around the Asia Pacific—but this year’s meeting included a different tone. HPR’s Bill Dorman has more in today’s Asia Minute.

APEC has always played heavily on symbolism—from the clothing to the closing statements.  There’s the “class photo” with leaders posed in some local attire---this year in Peru it was the serape, a sort of shawl.

Each year, APEC’s closing statements praise the benefits of free and open trade and the evils of protectionism.  This year’s did the same, with a difference.  The last several meetings have included President Obama developing support for the US led “Trans Pacific Partnership”—a trade and investment deal involving a dozen economies to start, not including China.

But continued US support of the TPP in its current form seems very unlikely under a Trump Administration.  This year, it was China pushing a vision of free trade and regional cooperation—The “Regional Comprehensive Economic Partnership.”  It’s a plan that does not include the United States….but has already won the support of Australia’s trade minister, among others.

APEC’s final declaration in Peru tried to have it both ways—mentioning both plans and encouraging both proposals to “remain open, transparent and inclusive and draw on each other.”  The clock’s now started on a year of regional trade talks….before APEC meets again next year in Vietnam.

Bill Dorman has been the news director at Hawaiʻi Public Radio since 2011.
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