US President Barack Obama is hosting leaders from Asia for the Asia-Pacific Economic Co-operation summit in Hawaii. The gathering comes on the heels of the G20 Cannes meeting, which was preoccupied with the euro zone crisis. The East Asia Summit will follow a week later, convened by Asean and including, for the first time, Russia and the US.
What can this season of international summits do about the looming global downturn? Can Asia and the US, sans Europeans, co-operate to tackle worsening economic conditions? Can Asia find ways to continue growth?
Expect no cure-alls. Policy options have narrowed since the first co-ordinated efforts at the end of 2008 to pump in money and loosen credit. Those policies have run their course, with mixed results and increased political backlash.
In America, joblessness and inequality are major issues and the 'Occupy Wall Street' phenomenon reveals the restive mood. Asia has overheating problems, with inflation and mounting bad debts from loose credit. While doing relatively well, the region will be affected by the European crisis and poor American prospects.
At the Apec summit, a centerpiece will be the Trans-Pacific Partnership (TPP). This aims to reinvigorate trade and economic co-operation and, while only nine countries are involved, American participation has renewed energy and ambition. Japan wants to join future TPP negotiations and the partnership aims to include most other economies.
However, not all about the TPP has been positive. Some parties have resisted American initiatives to integrate more deeply and align regulations. Others outside the negotiations, especially China, have been critical of the effort.
A full agreement will not be ready. Instead, leaders are expected to sign off on a more limited declaration or framework text, with further negotiations to come. Nevertheless, the TPP can be counted as an achievement, buttressing Obama's promise to be a 'Pacific President'.