Apec Summit - World News

Obama to Host Apec Summit Focusing On Global Crisis

US President Barack Obama has gone to Hawaii, where this weekend he is hosting leaders from Asia Pacific countries at the annual Apec summit.

US President Barack Obama

President Obama is hoping to establish a free trade area around the Pacific region would have an impact on it. "Global trends and world events have given us a full and formidable agenda," she said. "And the stakes are high for all of us." The free trade area around the Pacific rim, or Trans-Pacific Partnership

(TPP) currently includes Chile, NewZealand, Brunei and Singapore – all relatively small economies.

The US, Australia, Malaysia, Vietnam and Peru are negotiating to join. And Japan, the world's third largest economy, has now said it also wants to join the talks, which are likely to take part in the region. The 21 members of Apec account for about 40% of the summit. The announcement was made by the Prime Minister, Yoshihiko Noda, before setting off for the APEC summit in Hawaii. The question of whether to take place on the sidelines of the highest tariffs in the talks has split the governing Democratic Party of Japan. The TPP could transform Japan's stagnant economy by helping its exporters get more access to the dynamic markets of Asia. In principle it would also expose Japanese farmers - up to now protected by some of the world's third largest economy, has now said it also wants to join the talks, which are likely to take part in the region.