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With thunderclouds looming over the trans-Atlantic economy, it was easy to miss a bright piece of news last weekend from the other crucible of world trade, the Pacific Rim. In Honolulu, where Barack Obama hosted a summit of Asia-Pacific leaders, Canada, Japan and Mexico expressed interest in joining nine countries (America, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam) in discussing a free-trade pact. Altogether, the possible members of the Trans-Pacific Partnership(TPP) produce 40％ of world GDP—far more than the European Union.

　　Regional trade deals are not always a good idea. If they distract policymakers from global trade liberalization, they are to be discouraged. But with the Doha round of global trade talks showing no flicker of life, there is little danger that the TPP will derail a broader agreement; and by cutting barriers, strengthening intellectual-property protections and going beyond a web of existing trade deals, it should boost world trade.

　　The creation of a wider TPP is still some way off. For it to come into being its architects—Mr. Obama, who faces a tough election battle next year, and Japan’s Yoshihiko Noda, who faces crony politics laced with passionate protectionism-need to show more leadership.

　　Mr. Noda’s announcement on November 11th that Japan was interested in joining the TPP negotiations was an exceedingly bold move. Signing up would mean dramatic changes in Japan, a country which has 800％tariffs on rice and exports 65 vehicles to America for every one that is sent to Japan. Mr. Noda’s move could also transform the prospects of the TPP, most obviously by uniting two of the world’s leading three economies but also by galvanizing others. Until he expressed an interest, Canada and Mexico had also remained on the sidelines. Unwittingly or not, Mr. Noda has thrust mercantilist Japan into a central position on a trade treaty in which free movement of everything except labor is on the tabl