Last week APEC (the Asia-Pacific Economic Cooperation) met in Beijing for their annual convention. This trade group comprising over twenty countries, including the USA, Canada, China, Russia, Japan, Singapore, Chile, Peru and Australia, was set up in 1988 with the sole aim of advancing trade between its member states.

It now comprises 54% of world trade with few tariffs and minimal red tape. It has no common currency, no common defence policy nor any form of political union, but why should it? It is a trading community and nothing more.

Just like the European Common Market was supposed to be.