Apec 2014 - the launch of the 'Asia-Pacific Dream'
Apec meetings tend towards wordiness rather than action but this certainly wasn't the case at this year's rendition hosted by China. Multibillion-dollar deals were made, old quarrels were patched up and an agreement was made to pursue a massive free trade
Although some commentators have been dismissive of the FTAAP, suggesting Apec simply reached an agreement to study it, I believe there is much more than that. The Beijing road map to the FTAAP annexed to the official communiqué is quite detailed and precise. Given China’s success in achieving many difficult diplomatic goals, doubters may well be surprised by the progress that can be achieved.
The tone at this year’s Apec meeting was set by Chinese President Xi Jinping, who launched his vision of the “Asia Pacific Dream”, namely that through partnership, investment, regional integration and connectivity the region can lead the world into prosperity.
In reflection of this inclusive approach, China invited the leaders of Cambodia, Laos, Bangladesh, Pakistan, Mongolia, Myanmar and Tajikistan to come to Beijing for a dialogue with the Apec CEO Summit, the first time this has happened.
China’s commitment to these countries was backed up with action – a US$40 billion (Bt1.3 trillion) infrastructure fund for South and Central Asia. China also reached an agreement with the US on the reduction of CO2 emissions while many major bilateral agreements also saw progress. They included a multibillion-dollar gas deal with Russia, a new free trade agreement with Australia that was announced a few days after Apec at the G20 meeting, energy and currency deals with Canada, and an agreement to invest in rail infrastructure in Thailand.
The event was also an occasion for China to build closer relations with its neighbours. Xi held an official meeting with Japanese Premier Abe for the first time and bilateral meetings with Indonesia’s Widodo and Thailand’s Prayut, while also extending warm hospitality to others.
There definitely seems to be a better atmosphere in the region as China attempts to settle or calm territorial disputes. It is significant that all Asean countries have agreed to join the new Asian Infrastructure Investment Bank, or AIIB, which will provide a vehicle for the investments of the future.
China has won great praise for the successful hosting of Apec 2014. Let’s hope that the Asia Pacific Dream will become a reality.
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