APEC summit endorses China\\\'s proposal

The People's Republic of China has successfully promoted its agenda for establishing "Free trade area of the Asia-Pacific."  This has been reflected in a joint statement issued after a two-day summit of the Asia-Pacific Economic Cooperation (APEC) in Beijing. If China succeeds in promoting and launching a free trade regime in the Asia-Pacific rim, the US-led initiative of Trans-Pacific  Partnership (TPP) is likely be doomed to failure. Since business panel of APEC proposed Asia-Pacific trade pact, China has been pursuing the idea doggedly  because US did not include China in its initiative of Trans-Pacific Partnership.
China has been making rapid progress in economic field and is expected to surpass the United States this year as forecast by International Monetary Fund (IMF). China's economy will grow to $10 trillion this year. Yet its share of voting in IMF is only 3.72 per cent whereas US holds voting rights 17.4 per cent. In fact, US is indebted to China and Japan and Brazil. As of May, 2013, US national debt is estimated at over $16 trillion dollar. China holds $ 1315.9 billion in treasury bonds while Japan $ 1111.0 billion. Brazil holds $255.3 billion  of US  treasury bonds. Therefore, the economy of the United States is not strong either.
China has expanded its trade relations from South Korea to Australia which could  gradually erode influence of the United States. Moreover, China has floated a regional Asian Infrastructure Investment bank with  20 other countries. This has the approval of BRICS countries that include Brazil, Russia, India, China and South Africa.
China has succeeded in signing free trade agreement with South Korea, a strong ally of the United States. China plans to open its stock market to foreign investors by linking exchanges in Hong Kong and Shanghai. According to Washington Times, "China has launched  a series of trade and finance initiatives in pursuit of a bigger role in US dominated economic and security organizations to reflect Beijing's' status as the  world's second biggest  economy".
 There has, however, been a success story in an agreement signed by United States and China to cut greenhouse gas emissions from the level of 2005 by at least 26 per cent by 2025. China's commitment to hit peak emissions by 2030 or earlier is unprecedented indeed.
During a news conference  with Chinese President Xi Jinping President Obama said "This is an ambitious goal, but it is an achievable goal. It will double the pace at which we are reducing carbon pollution in the United States. It puts us on a path to achieving the deep emissions reductions by advanced economies that scientific community says is necessary to prevent the most catastrophic effects of climate change". Obama further added that this is a major milestone in the US-China relationship, and it shows what's possible when they work together on an urgent global challenge.
All said and done, President Obama will face a Herculean task to get the approval of the Republican-dominated Congress to pass an act. Although environmentalist have hailed the agreement but House  Speaker John A. Boehner and Senate Majority leader Mitch McConnell have launched an all-out assault on Obama's environmental policies and limit their impact as much as possible.
 Leaders of APEC also discussed about corruption and promised to work more closely to combat official corruption. China of late has been strengthened its campaign against official corruption and has stepped up efforts to pursue officials who flee abroad with stolen public money.
Bilaterally, the United States has made progress in expanding  the  agreement on information and technology, which is a by-product of  an initiative of APEC. US-China signed an agreement of Information and technology in 2009. Obama administration also agreed to extend visa to Chinese students studying in America and Chinese business partners as well. Since China is a growing power in Asia, President Obama makes flattering remarks about China, such as, the United States welcomes the rise of a prosperous, peaceful and stable China.

The writer is a retired diplomat from Bangladesh and former President of prestigious Toastmaster International club of America.
amjad.21@gmail.com