About 450 years ago, the galleon trade between Acapulco in Mexico and Manila started, and lasted more than 250 years. Trans-shipment trade via the Philippines flourished, as New World silver from Latin America was traded for porcelain, lacquerware and manufactured goods from China.

Between 1500 to 1870, China was the world’s biggest economy. Today, China is on track to regain that status, at least in purchasing power parity terms.

“I think that re-establishing the galleon trade for the 21st century between Latin America through the Pacific Alliance and Asia really makes sense,” Philippine Secretary of Finance Cesar Purisima told 200 delegates at the inaugural Cartagena Dialogue: The Trans-Pacific Summit, held at the eponymous port city in Colombia last weekend.

…”It might be heresy to suggest it, but an Asean-Pacific Alliance FTA would be concluded more easily than the TPP,” said Mr Barry Desker, distinguished fellow at the S. Rajaratnam School of International Studies and a former chief executive officer of the Singapore Trade Development Board.