It was an eventful time for many Asian economies last week. Of course, the most talked about development was the 12-day Asian tour by Donald Trump to five countries -- his first to the region since he took office in January and the longest by a sitting US president so far this millennium.
Mr Trump's itinerary included three events at which the economic, political and security concerns of the region typically receive a thorough airing: the Asia-Pacific Economic Cooperation (Apec) leaders' meeting in Da Nang, Vietnam on Friday and Saturday, and the Asean and East Asia summits in the Philippines today and tomorrow.
So far, North Korea has dominated the discussions. All countries -- led by China, Japan and South Korea -- agree on the threat posed by Kim Jong-un's regime and its continued provocations. Defence ministers of Asean nations, all of which have diplomatic ties with North Korea, issued a joint statement at their meeting in Manila late last month, expressing grave concerns over escalating tensions and urging Pyongyang to "immediately comply with its obligations arising from all the relevant UN Security Council resolutions".
Trade has also been at or near the top of Mr Trump's agenda, as China's economic influence in Asia is growing while that of the US appears to be ebbing. In Seoul, the US president pressed his South Korean counterpart Moon Jae-in to revise their countries' free trade agreement (FTA). When the men met earlier, in Washington in June, Mr Trump complained that the US trade deficit with Korea had doubled since the deal took effect.
In China -- North Korea's biggest trade ally -- the billionaire president said China "must immediately address the unfair trade practices that drive" a "shockingly" large trade deficit, which totalled US$327 billion last year according to the International Monetary Fund. Barriers to market access, forced technology transfers and intellectual property theft also remain problems for the US in China.
Mind you, Mr Trump made his comments after presiding happily with President Xi Jinping over the announcement of new business deals worth $250 billion between American and Chinese companies. And he later tweeted that he didn't really blame the Chinese for wanting to do the best for their people, saying they were merely taking advantage of inattention by previous US administrations -- "I would have done the same."
On North Korea, Mr Trump urged his Chinese counterpart to "act faster and more effectively" to help resolve a potential nuclear crisis. China, he said, can "fix this problem easily and quickly", partly by restricting trade with Pyongyang.
In response, Mr Xi said China would persist with the goal of denuclearising the Korean Peninsula and solving the issue through talks. He promised a more open business environment for foreign companies and investment. He also noted, however, that Taiwan is the most important and sensitive core issue in Sino-US ties.
Elsewhere, work continued in Da Nang to bring the Trans-Pacific Partnership (TPP) back from the dead. Mr Trump pulled his country out of the 12-nation TPP earlier this year but Japan and others believe the pact is still worth pursuing to keep the spirit of free trade alive.
In Manila, the 16 countries participating in the Regional Comprehensive Economic Partnership (RCEP) were trying to find common ground to get stalled talks going again. The US also is not a part of this multilateral deal which is backed by China.
Even without the TPP and RCEP, Asean offers a positive outlook for trade and investment that the US cannot overlook, giving President Trump good reason be in Vietnam and the Philippines. With 630 million people and a combined gross domestic product of $2.6 trillion, Asean is the fourth largest trading partner with the US, with bilateral trade tripling over the past two decades. The US is the fourth largest investor in Asean, with $226 billion committed to date, surpassing all other American investments in other parts of Asia.
Intraregional investments have also soared markedly in Asean, paving the way for further regional integration. At 18.5% of the total, intra-Asean investment is now the top source of investment in the region.
I have enjoyed observing the dynamism on display in the political and economic affairs of the region. Looking forward, I hope recent talks and pledges of cooperation bear fruit in order to stimulate economic growth further. As global and regional economies still face uncertainties, we all need a new deal to jointly secure future prosperity.
