Making Concessions Between East and West
According to leaders in the Asia Pacific market, if the world economy is going to recover and stay on an even keel, then establishing freer trade is crucial. In a meeting reported in an article in ABC News, real progress seems to have been made on developing an American-backed regional trade bloc.
The entire world economy would really get a boost if a Pacific free trade area was forged. The idea received support from Mexican and Canadian leaders who joined Japan in “expressing support for a deal that has received a cool reception from rising power China.” President Barack Obama has been delighted by this news as he put this high on his list for the yearly Asia-Pacific Economic Cooperation summit. As well, it follows the announcement made by Japan (the world’s third largest economy) that it is seeking to become part of the Trans-Pacific Partnership talks.
The meeting was very timely, given that the economy is not in the greatest shape right now. This has encouraged greater openness by the group to cooperate on any ways that may lead to a strengthening of the economy. As well, the meeting centered on different methods to increase the likelihood that green-based economic policies are put in place to “ensure energy security.”
So, a lot is on the economic table between east and west markets right now. In a sense, the worse the economy does, the more committed economic leaders become to making things better through compromise and cohesion. That ultimately could be the key that’s needed to ensure overall economic recovery and progress.