The annual summits, which begin last month, started with the G20 and lead to the APEC Summit.
The ultimate goal agreed upon by all the countries is to bring about a "Free Trade Area of the Asia-Pacific" (FTAAP) by 2020. There were no divergent views among the countries.
There have been many Summits over the last two years, and a creation of frameworks of economic partnerships. The ASEAN nations are at the core; ASEAN + 3, which involves Japan, China and Republic of Korea, or ASEAN + 6, which adds India, Australia and New Zealand. As well as, a joint research on a Trilateral FTA among Japan, China, and the ROK would be brought to a conclusion in 2011.
The 2011 East Asian Summit (EAS) is the first time the U.S. and Russia will participate. After a decade spent on war, the US can get back to an economic framework. Evidence can be seen, for the first time in a decade, Secretary of State Clinton visited Myanmar. The next worrisome problem are the 11 emerging economies or, so-called N-11, which includes, Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam; that will play a more important part in driving global growth over the next decade.
The policy of how to reach the goal of growth or no growth is perceive as the problem, especially in the realm of economic policy, for example, attempts at multilateral economic partnerships, it is very difficult to get every one to agree.The details of each bilateral agreement between two countries as in the Organization of Economic Cooperative Development (OECD) developed countries manage the lost of control and face to the developing or emerging countries in the globalized world making growth the perceived dominate factor of there is a choice between growth or decline. It can be summed up as (The Dependency Theory), a rich country has a choice of growth or decline and vice versa "the other way around" a poor country has a choice of growth or decline.
The summits were a missed opportunity in terms of strategy and policy. The world needs a clear macroeconomic strategy for recovery in addition to a framework, which would allow deficit countries to grow their way out of debt rather than get caught in austerity-induced downward spirals. Hopefully, the strategies policies can be discussed at that point.