APEC Leaders Agree on Climate Change, Disagree on Currencies
The 21 leaders from the Asia Pacific Economic Cooperation summit had different results for discussed issues ranging from climate change to currencies.
The different heads of state assembled in Singapore believed that a legally binding agreement is not likely in Copenhagen next month. However, a political deal should be worked out. It was agreed that there is not enough time to make a legal binding agreement for reducing greenhouse gasses global emissions. After failing to meet targets in 1992 and 1997, a new objective to reduce the global emissions to half of the 1990 levels by the year 2050 was set. This is the best decision that the leaders can think of despite declaring that climate change is one of the biggest global concerns.
At the business side, the summit attendees vowed to continue with the economic stimulus policies until recovery is guaranteed. However, they failed to make a reference for the currencies. Countries in Asia mostly rely on exports and are currently suffering on the decline of the US dollar and the Chinese yuan. The Americans and the Chinese are not willing to commit on a more balanced FX trading.