The key global economies met in Brisbane for the Group of 20, following recent summits for ASEAN, East Asia and the wider Asia-Pacific region. These are not just about politics but growth, trade and investment. In our region, a range of agreements are under negotiation with varying and overlapping memberships. Most notable is the Trans-Pacific Partnership (TPP), which is led by the United States and includes Japan, but notably has left China out.
The newest proposal from China's President Xi Jinping may eclipse them. While hosting the Asia-Pacific Economic Cooperation (APEC) summit, he has ambitiously raised an even bigger and more inclusive Free Trade Area of the Asia Pacific (FTAAP) and set this in the context of China's "Asia-Pacific Dream".
Yet the idea of the FTAAP is not new. APEC Ministers initiated it back in 2006, with leaders' endorsements coming in 2010. As such, no one has said "No" to Xi. But the reception has been cool. A feasibility study on FTAAP was proposed in May, when the trade ministers met in Qingdao. Nonetheless, the U.S. and Japan have watered this down to a "collective strategic study" to indicate they have yet to decide whether to enter into actual negotiations.