Wheel has come full circle for APEC's rich members

The Asia-Pacific Economic Cooperation (APEC) summit was held in Lima, Peru, last year soon after the global financial crisis broke out and the G20 summit over financial issues ended. Though the leaders did not have enough time to discuss the crisis thoroughly, APEC leaders agreed to and supported the common proposition of the G20 summit.

The global economic downturn has been arrested to certain extent and the world has seen some remarkable changes since the Lima summit. APEC leaders, who meet at an informal meeting in Singapore on Saturday, are expected to take stock of the changed backgrounds of the two meetings.

Let's see what those changes are. First, there has been a shift in world balance. The G8-plus-5, dominated by developed countries, has now truly evolved into G20, a platform for rich countries as well as emerging economies, which responds to global economic issues. Besides, the emerging economies today enjoy greater say. These changes are likely to be reflected at the Singapore APEC summit, which begins today.