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APEC 2023: Leaders Gather in Hawaii for Economic Cooperation and Trade Agreements

In November 2023, leaders from 21 APEC member countries convened in Hawaii to discuss Asia-Pacific economic cooperation. Founded in 1989, APEC aims to strengthen regional economies and prevent economic conflicts. While political leaders like Obama and Noda participated towards the end, most work was handled by ministers and staff. Key topics included the Trans-Pacific Partnership, tariff negotiations, and trade pressures from China. Despite challenges, APEC remains a crucial platform for fostering international trade and economic collaboration in the Pacific region.

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APEC 2023: Leaders Gather in Hawaii for Economic Cooperation and Trade Agreements

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

  2. 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 What is APEC?

  3. Monday, Nov. 7 -- 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. APEC dates

  4. 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). In the past

  5. Many bilateral meetings

  6. 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. Host Nation: USA

  7. Take a look. A few photos

  8. Convention Center

  9. Waikiki

  10. We once lived there

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

  12. 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. TPP

  13. 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. What is a tariff?

  14. 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. The nine nations

  15. 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. What is a trade agreement?

  16. The end -- Mahalo

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