President Bush's current 10-day visit to Asia is one of the most prolonged and intense of a serving president to the region since the Vietnam War.
From Japan to the Philippines and Thailand (where he is currently attending the two-day summit of APEC, the Asia-Pacific Economic Co-operation), he goes on to Singapore, Indonesia and Australia. His main objectives have been to track and influence the large-scale economic changes flowing through the region, and to link them to his anti-terrorism agenda.
Both subjects will figure prominently in today's APEC communique, with the linkage made explicit following strong lobbying by the US delegation. As the Canadian prime minister, Mr Jean Chrétien, put it yesterday, "it is very important for the stability of investment that terrorism be eliminated around the world. There is nothing more nervous than a million dollars. If you don't have stability you are in trouble". He and other leaders were reluctant to devote the whole of what is mainly an economic summit to the US anti-terrorist agenda, but have been convinced by the arguments adduced, including those that link it to weapons of mass destruction. North Korea is, after all, the major potential source of such weapons; and Asian leaders believe they have to co-operate closely with Mr Bush if they are to encourage him to work with them on containing North Korea and giving it security guarantees. There is some evidence that Mr Bush has been willing to reciprocate, despite pressure from policy hawks not to do so.
The APEC meeting underlines the importance of getting world trade talks started again after their breakdown at Cancún last month. They all have an interest in this, despite their differing interests in the eventual outcome. A more immediate concern for President Bush, going into an election year, has been the exchange rates between the dollar and Asian currencies, especially the Japanese yen and the Chinese renminbi. There are loud complaints that Asian goods are competing unfairly in the US market, resulting in unprecedented job losses. Mr Bush wants the yen and the renminbi to float against the dollar, relieving pressure on imports and reducing US reliance on Asian investment to finance its budget deficit.
So far there are few signs the Chinese and Japanese are willing to agree. The longer the policy stalemate on this question, the more pressure there will be on the euro, with potentially serious consequences for competitiveness of Irish exports and increased interest rates. Thus these talks have possible worldwide consequences, including Ireland, in relation to jobs and prosperity.