November 15th, 2009
07:23 AM GMT
Singapore – Alphabet soup is on the menu everywhere here at the APEC summit. Acronyms, painful at the best of times, seem to be used continually by leaders, CEOs and politicians gathered in Singapore. Here’s a guide for those trying to follow the action.
Asia-Pacific Economic Cooperation, or APEC, consists of 21 member economies that account for more than half of global gross domestic product – the value of all goods and services a country produces. Members include power players such as the United States, Japan and China and developing nations such as Chile and Indonesia. A key part of the mission: achieving the 'Bogor Goals of “free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and 2020 for developing economies.”
Once famously described as"four adjectives looking for a noun,” APEC sometimes comes under criticism for being little more than a talking shop. Members have no treaty obligations and all agreements are non-binding. Still any event that puts Barack Obama and Hu Jintao in the same room is going to attract the world’s attention.
The Association of Southeast Asian Nations or ASEAN has 10 member states, with a combined GDP of US$1.5 trillion. The group’s mission is to promote economic growth and regional stability. Barack Obama will be the first U.S. president to meet with the group’s leaders, including Myanmar’s Prime Minister Thein Sein. The Obama administration has adopted a policy of engaging Myanmar, also known as Burma, in hopes it will push the country toward democratic reforms.
Until a few days ago, the Trans-Pacific Partnership or TPP was little known economic alliance formed between Chile, New Zealand, Singapore and Brunei. Now the U.S., Australia, Peru and Vietnam want to join, with the intention of using the TPP as a stepping stone toward the ultimate goal of free trade throughout the APEC region. This may be the first you have heard of TPP, but I doubt it will be the last.
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