“The regional forum can prove its
worth by helping break the impasse in global trade talks”, writes Tony
Parkinson. “Today’s summit of Asia-Pacific
leaders could well be overshadowed by head-butting between the
United States and
China after President George
Bush announced his arrival in East Asia with a call for greater political and
religious freedom in China.”

Henry was puzzled by President
Bush’s sabre rattling on China, but one has to admire his
courage. “It’s just for domestic consumption,” one old hand
asserted.

Henry’s take on this potentially
important meeting is here: Global trade, terrorism and bird flu.

“The sherpas
at the APEC meeting have got the list of major issues about right. On trade,
Europeans are the biggest problem with their fundamental commitment to
agricultural protection. The size of the Chinese trade surplus and the size of
the US trade deficit is also becoming a
major risk factor for global prosperity, and simply revaluing the Chinese
currency is no panacea.”

Read on at Henry
Thornton here.