asia pacific economic cooperation (apec)
TRANSCRIPT
Outline of Report I. APEC Back-study
A. History
B. Member Economies
C. Key Milestones
D. Mission/Vision Statement
II. APEC Future Plans
A. Enlargement
B. Bogor Goals
1. Trade and Investment liberalizations
2. Business Facilitation
3. Economic and Technical Cooperation
4. The 14 Bogor Scope Areas
D. APEC CEO Summit 2014
E. Economic Leaders’ Meeting 2014
III. Problems and Criticisms Faced
APEC Forum
APEC is the premier forum for facilitating economic
growth, cooperation, trade and investment in the Asia-
Pacific region.
It is an inter-governmental forum, which operates on the
basis of non binding commitment and open dialog.
No treaty obligations
APEC has 21 member economies with a population of over
2.6 billion which accounts for more than 40% of the
world’s population.
APEC countries have a combined GDP of 21 trillion US
dollars which is more than half of world GDP.
APEC accounts for nearly half of world trade.
History
APEC began as an informal Ministerial-level dialogue group in
Canberra, Australia in 1989. It is a 21 member economic
forum at present.
Founding members are:
Australia, New Zealand
6 ASEAN economies
Japan and South Korea
Canada and the United States
Member Economies
* Australia * Malaysia
* Brunei Darussalam * Mexico
* Canada * New Zealand
* Chile * Papua New Guinea
* People's Republic of China * Peru
* The Republic of the Philippines * Hong Kong, China
* The Russian Federation * Japan
* United States of America * Indonesia
* Chinese Taipei * Singapore
* Republic of Korea * Viet Nam
*Thailand
Key Milestones
1993- In the United States the Economic Leaders meet for the first time in
Blake Island, Washington and outline APEC’s vision, “stability, security, and
prosperity for our peoples”.
1994- In Indonesia APEC sets the Bogor Goals of “free and open trade
investment in the Asia Pacific by 2010 for developed countries and 2020 for
developing countries.
1995- In Japan the framework for meeting the Bogor goals through trade and
investment liberalization, business facilitation and sectorial activities,
underpinned by policy dialogues and finally, economic and technical
cooperation.
1996- In the Philippines, the Manila Action Plan for APEC (MAPA) is adopted,
outlining the trade and investment liberalization and facilitation measures to
reach the Bogor goals.
1999- In New Zealand, APEC commits to paperless trading by 2005 in
developed economies and 2010 in developing economies.
Key Milestones
2001- In People’s Republic of China, APEC adopts the Shanghai Accord,
which focuses on broadening the APEC vision, clarifying the roadmap to
Bogor and strengthening the implementation mechanism.
2005- In Korea, APEC adopts the Busan Roadmap, completes the mid-term
Stocktake, which gauges that APEC is well on its way to meeting the
Bogor Goals.
2007- In Australia, for the first time APEC member economies issue a
Declaration on Climate Change, Energy Security, and Open Development.
2013- In Indonesia, the Bali Package is concluded. The target is then set
for a yearly enrolment of one million students in the intra-APEC
university by 2020. The first joint APEC ministerial meeting on Women
and SMEs issues especially to protect women entrepreneurship.
Mission/Vision
To support sustainable economic growth and prosperity in Asia-Pacific region
To build a dynamic and harmonious Asia-Pacific community
Decrease number of obstacles in trade and also reduce tariffs across APEC nations
Set it’s eye on achieving ‘Bogor goals’ by the year 2010
To encourage the flow of goods, services, capital, and technology
To develop and strengthen the multilateral trading system;
APEC Relations----ASEAN and APEC
ASEAN has been at APEC's core from the very beginning and is doing its part to advance
APEC's purposes and is consistent with APEC goals.
ASEAN Free Trade Area (AFTA) can be said to be a building block for the fulfillment of
the goals that APEC set for eventual free trade among its members.
It can be said that the two organizations could be seen as complementing, and not
competing with each other.
----NAFTA and APEC
Accomplishment of Bogor goals and free trade among APEC member economies leads
to significant trade diversion from western countries to APEC member economies.
Western economies trying to maintain balance of power between east and west in
APEC decisions by restricting Asian countries into economic co-operation.
Future Plans for Enlargement
India has requested membership in
APEC and received initial support from
the United States, Japan and
Australia. However officials did not
allow India to join for various reasons.
Interested Economies
Pakistan
Bangladesh
Sri Lanka
Macau
Mongolia
Laos
Cambodia
Costa Rica
Colombia
Panama
Ecuador
Bogor Goals
Free and open trade and investment in the Asia-Pacific
by 2010 for developed economies
by 2020 for developing economies
Bogor Goals & 3 Pillars
Three specific areas crucial to achieving the Bogor Goals:
Trade and investment liberalization
Business facilitation
Economic and technical cooperation
Trade and Investment liberalization
Reducing and eliminating tariff among member
countries
Reducing and eliminating non-tariff barriers to trade
and investment
Opening of markets
Business facilitation
Reducing the costs of business transactions
Improving access to trade information
Bringing into line policy and business strategies to
facilitate growth
Free and open trade
Economic and Technical Cooperation
ECOTECH is dedicated to providing training and cooperation
to build capacities in all APEC Member Economies to take
advantage of global trade.
This area builds capacity at the institutional and personal
level to assist APEC Member Economies and its people gain
the necessary skills to meet their economic potential.
The 14 ‘Bogor Areas’
Tariffs
Non-Tariff Measures
Services
Investment
Standards & Conformance
Customs Procedures
Intellectual Property Right
Competition Policy
Government Procurement
Deregulation/ Regulatory
Reform
Transparency
Dispute Mediation
Mobility of Business People
RTA/FTAs (Regional and
Free Trade Agreements)
APEC CEO Summit 2014
This most important event in APEC Leaders’ Week took place on
November 8-10, 2014 in Beijing, China with the theme:
“New Vision for Asia Pacific: Creativity, Connectivity,
Integration, Prosperity”
This included discussions on the global economic outlook, regional
integration, innovation, infrastructure and finance.
APEC CEO Summit 2014
A total of 43 influential speakers from companies like,
Microsoft, Blackberry, World Trade Organization, Johnson & Johnson, etc
Global Economy Today
Outlook for regional economic integration
Economic Reforms for Sustaining Competitiveness
Building the Innovative Economy
Looking beyond Business as Usual
Securing the Future of Global Finance
Accelerating Regional Connectivity
Global Inequality
APEC Economic Leaders’ Meeting
Held annually since 1993
1993, Blake Island, Seattle, US
Suggested by the then US
President Bill Clinton
APEC Economic Leaders’ Meeting 2014
The proposed achievement as laid down by this year’s host
economy’s president, China’s Xi Jinping:
1. The launch of the Free Trade Area of the Asia-Pacific
2. Issuance of a statement for the 25th anniversary of APEC
3. The meeting will promote innovation, reforms and growth to
seek new momentum for long-term development of the Asia-Pacific
4. A blueprint will be made to lay a solid foundation for all-round
connectivity in the Asia-Pacific.
APEC Economic Leaders’ Meeting 2014
In this year’s meeting the leaders adopted two very
important documents:
The 22nd APEC Economic Leaders’ Declaration: Beijing Agenda for an
Integrated, Innovative, and Interconnected Asia Pacific.
Statement on the 25th Anniversary of APEC: Shaping the Future
through Asia-Pacific Partnership
Problems and Criticism Faced
Border Barriers
The still high cost of international commerce
Little to no collaboration on other issues
It’s being said that APEC is too large, too diverse
Has no identity and its goal too abstract
Processes are slow and cumbersome
No attention to cultural aspect of cooperation
References
www.apec.org
en.Wikipedia.org/wiki/Asia-Pacific_Economic_Cooperation
www.apec-china.org
www.trademinister.gov.au
www.economywatch.com