Obama leaves Manila after APEC summit

Inclusion and integration were the primary themes at the Asia Pacific Economic Cooperation (APEC) forum that concluded in Manila Thursday.

The annual summit brought together leaders of the 21 member states, which account for nearly 60 percent of global gross domestic product and almost half of world trade.

During the sidelines of APEC Leaders’ Meeting, the Philippine government through President Benigno Aquino III and his Cabinet was able to seal deals on military modernization, trade, strategic partnerships, cooperation in risk reduction, transportation, tourism, technical vocational training, health, anti-illegal drugs drive, avoidance of taxation and support for the overseas Filipino workers, among others with various APEC economy members.

Against the backdrop of terrorism directly threatening Apec’s vision of secure, open, and prosperous economies, the Apec counter-terrorism task force was established in May 2003.

As it turned out, APEC leaders avoided reference to territorial disputes in the South China Sea in their declaration issued at the end of the summit on Thursday.

“Since inclusive growth has always been the guiding principle of our administration we are proud to have put this approach front and center throughout our hosting APEC this year”, Aquino said.

The TPP covers Japan, Canada, Mexico, Chile, Peru, Australia, New Zealand, Singapore, Brunei, Vietnam and Malaysia and represents 40% of the global gross domestic product, 30% of global exports, 25% of imports and covers 793 million consumers.

But the TPP faces stiff opposition from both Democrats and Republicans over farm tariffs and protection for pharmaceuticals, and is unlikely to be voted on by the US Congress before Mr Obama leaves office.

Mr. Trudeau was more circumspect about the trade pact and told reporters that having only just taken office, he needed to study the deal “before we make a final decision on ratification”.

Chinese President Xi Jinping called for acceleration of the Free Trade Area of the Asia-Pacific (FTAAP) on Friday, amid increasing worry about fragmentation as several regional free trade arrangements crop up.

Further, the Leaders Declaration welcomed the offer of the Republic of Korea to host APEC in 2025.

The Philippines would likely have to amend its constitution to allow a greater share to foreign investors in certain industries.

Yet, it is also important to maintain the balance and take care of all the countries’ interests and needs, and a feasible way would be gradually raising standards with all members’ participation, he added. “Alongside the economic agenda, the U.S.is also using the APEC as a platform to promote its pivot to Asia and justify the increased USA military presence in the region”.

South China Morning Post noted that the exclusion of China, the world’s “largest merchandise trader” with combined exports and imports worth $4.3tn previous year, from the TPP, speaks volumes.

Russia’s President Vladimir Putin skipped the APEC Summit in Manila to oversee an investigation into the crash.

He said although Apec was predominantly an economic and business-related meeting, “the sense now is that it (terrorism) has become more serious and has economic and business implications”.