Pow-wow with a bit of wow

Pow-wow with a bit of wow
Margaret Abbott of Australia, wife of Australian Prime Minister Tony Abbott, dances with Indonesian dancers in front of other APEC Summit leaders' spouses during their visit to the Bali Safari and Marine Park.

WHAT: The 21st Asia-Pacific Economic Cooperation (Apec) meetings

WHERE: Bali, Indonesia

WHEN: Monday and and Tuesday

WHO: Apec has 21 members - referred to as "member economies" - which account for about 40 per cent of the world's population, roughly 55 per cent of world gross domestic product and about 44 per cent of world trade.

 

Five key issues:

1. TPP FREE TRADE AREA

Twelve Apec members are engaged in negotiations for a free trade area called the Trans-Pacific Partnership (TPP).

They are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

These countries are haggling over their plans for a free trade area which they hope will eventually encompass the entire region. China is not party to the TPP and is instead pushing ahead with a rival trade pact comprising 16 countries in the region.

 

2. SLOW RECOVERY OF THE WORLD ECONOMY

Chinese President Xi Jinping said on Monday that he expected a "long and tortuous process" of world economic recovery, while China's economic growth rate of about 7 per cent was "within a reasonable and expected range".

Speaking on the sidelines of the Apec forum summit, Mr Xi said the world economy was in the middle of profound adjustment and with major economies far from resolving their structural problems, it was imperative to strengthen macro-economic cooperation.

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.