APEC can take global leadership with a practical, comprehensive approach—call it a “Pacific Economic Partnership” for global growth, or PEP for short. This would consist of concrete, achievable components, many already in the works. It’s the closest thing APEC has to a shovel-ready growth strategy, but it requires both U.S. and Chinese leadership.

Over the last two decades, Brazil’s trade policy has centered on two main negotiations. At the regional level, Brasília has spent much of its time and effort trying to lay the groundwork for a common economic space in the Southern Cone of South America. Since 1991, Mercosur, the Common Market of the South, has been the centerpiece of that strategy.