After failing to make real progress in the G-20 talks that ended on Friday, many political and economic leaders headed to Japan to attend the Asia-Pacific Economic Cooperation (APEC) summit in Yokohama, where 21 countries will be represented.
Several participants, including Australian and host-country Japan, will focus on trade liberalization in the Asia-Pacific. While Japan is looking to open its economy, and has issues a policy document on the issue recently, Australia also wants to push for further liberalization as the region accounts for more than 60 percent of the country’s trade. Furthermore, one in five Australian jobs is related to trade.
Some of the examples of barriers to free trade are differences in rules and regulations when it comes to recognition of professional qualifications, heavy vehicle safety, mobile phone roaming charges, among other things.
The region is affected by environmental problems, depleting natural resources, unsustainable economic recovery and climate change, which all have a strong impact on its growth potential.
The summit also focuses on working on G-20 conclusions, including a new structure for the IMF, new rules for banks and a five-year strategy putting in place a framework for global economic growth. The framework should include measures for developments in human resources and human security, as well as for a knowledge-based economy.
