Christine Lagarde, head of the IMF, worries that the global economy "runs the risk of [a] downward spiral of uncertainty, financial instability and potential collapse of global demand" which could lead to a "lost decade." She urges that advanced economies enact pro-growth policies to prevent this from happening.

One path to growth is increased global trade. As world leaders arrive in Hawaii this week for the APEC Leaders Meeting, Chamber President and CEO Tom Donohue wrote an op-ed advancing "a bold and aggressive trade agenda for the Asia-Pacific region and beyond." He writes,

At the top of our agenda is a Trans-Pacific Partnership (TPP) Agreement, which would expand access to American goods and services in the most dynamic region of the world. Nine nations, including the United States, are now participating in the talks. Other significant economies such as Japan and Canada could join.

A comprehensive agreement to lower trade barriers on fair and equal terms has the potential to unleash an explosion of job-creating commerce across the Pacific — with Hawaii at the center.

We applaud TPP negotiators for their willingness to go beyond the standard objective of trade negotiations, which is simply to reduce tariffs. An agreement that ensures global supply chains operate more predictably and efficiently, rules and regulations are compatible, intellectual property is protected, and state-owned enterprises compete fairly is the kind of bold agenda that could positively define the rules of commercial engagement throughout the region.

But a TPP is only one part of this bold agenda. Donohue also advises:

• Negotiating with the EU on "eliminating tariffs on goods, regulatory compatibility, and deals on investment, services, and procurement."
• Negotiating a liberalization of trade in services through the World Trade Organization.
• Giving the President trade promotion authority to negotiate bilateral trade deals with emerging economies like Brazil, Egypt, and India.
• Drawing more foreign investment and tourism to the United States.