APEC: In the media Obama and Noda met in Hawaii with other national leaders.

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Presentation transcript:

APEC: In the media Obama and Noda met in Hawaii with other national leaders

What is APEC? Asia-Pacific Economic Cooperation 21 member countries Started in 1989 From all sides of the Pacific Ocean Goal: To build strong regional economy Prevent economic conflicts

APEC dates Monday, Nov Sunday, Nov. 13 Top political leaders, like prime ministers, do not stay for the full event. They arrive at the end. Ministers and top staff members do most work.

In the past APEC has not been as useful as hoped. Difficult to find solutions. Countries with largest populations: China, India, USA, Indonesia, Russia, Pakistan, Japan. Developed nations (USA, Japan, Singapore). Developing nations (China, India, Vietnam).

Many bilateral meetings

Host Nation: USA Obama chose his home state of Hawai’i. Events in Waikiki hotels and convention center. Luau at the Hale Koa Hotel. It is owned by the U.S. military and sits on a patch of government-owned land in Waikiki. Nice place! Lots of space around it.

A few photos Take a look.

Convention Center

Waikiki

We once lived there

Obama’s toast Here is a video of his opening remarks.opening remarks.

TPP Trans-Pacific Partnership agreement Big story in Japanese media. Nine nations have agreed to join. Japan not sure, but Noda will join negotiations. Some key issues for Japan-USA: Quality of American beef. Lower tariffs for Japanese car & electronics. Lower tariffs on food produced outside of Japan. Address Chinese trade pressure.

What is a tariff? A required fee paid by outside company that sells goods in another country. Japan’s car-makers pay a 2.5% tariff in the USA. USA farmers pay high tariffs to sell food in Japan.

The nine nations Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, United States, and Vietnam. USA recently made free-trade deal with South Korea. South Korea car-makers = no tariff in USA.

What is a trade agreement? Sets rules and removes fees for selling goods in another member country. Creates winners and losers within each country. Some industries gain better profits. Others can’t compete. Are they always good deals? In principle, free trade improves conditions. Lower prices for consumers. In reality, some people suffer from losses. Situation now, without TPP, also is political.

The end -- Mahalo