ID :
148997
Sun, 11/07/2010 - 09:14
Auther :
Shortlink :
https://oananews.org//node/148997
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APEC MEETING TO FOCUS ON NEW GROWTH STRATEGY
By Siti Hawa Othman
KUALA LUMPUR, Nov 6 (Bernama) -- The Asia Pacific Economic Cooperation (Apec) meeting in Yokohama, Japan is expected to adopt a new growth strategy aimed at accelerating regional economic integration.
Issues to be discussed would probably include trade and investment; and efforts
to promote sustainable, inclusive and balanced development, and expedite
structural reforms that will unleash entrepreneurship and innovation as well as
address structural imbalances, much like the recent G20 agenda, an economist
told Bernama.
Although the Apec region has become the world's growth centre by promoting free
and open trade and economic integration, Apec leaders had declared in Lima, Peru
in 2008, the need for a strategy on growth, recognising that challenges such as
further environmental sustainability and social inclusiveness are essential to
the future prosperity and well-being of its citizens.
"Threats of currency and trade wars, growing risks to region-wide food security,
energy and environmental crises, and destabilising fiscal, public debt and trade
imbalances in some member countries, are some of the pressing issues that the
conference should seek to address while finding a new direction for the regional
grouping amid the fragile global recovery," said RAM Holdings Bhd Chief
Economist Dr Yeah Kim Leng.
Apec groups 21 member economies which account for about 40.5 per cent of the
world's population, 54.2 per cent of world GDP and 43.7 per cent of world trade.
Its members are Australia, Brunei, Canada, Chile, China, Hong Kong,
Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea,
Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, United States of America
and Vietnam.
In addressing the fallouts from the global financial crisis to this region, Dr
Yeah said the grouping serves the purpose of exchanging viewpoints, forging
understanding and consensus among policy makers while identifying priorities for
common actions and capacity building.
In accelerating regional economic integration, he said more can be done aside
from working towards a free trade area.
"The more developed members could better assist the less developed ones with
more funding and technical assistance to raise the level of education, skills
training, R&D, indigenous technological capabilities and market development," he
added.
On issues that Malaysia should raise during the conference, he said it could be
on ways Apec could assist its members to shield their economies from volatile
currency markets, competitive devaluations, unstable as well as sharp increases
in commodity prices.
Other pertinent issues include how member countries could assist each other in
the development of green technology, especially in attracting investments and
transfer of technology from the more advanced economies.
The Apec meeting in Yokohama is preceded by earlier senior officials meeting
(SOM) and also ministerial meetings.
It had for the first time convened the Apec Ministerial Meeting on Food Security
on Oct 17-18 in Niigata, Japan, to tackle key issues involving the sustainable
development of agriculture and increased investment and trade in the sector.
It was reported to have developed an action plan, aimed at improving reliable
access to food, particularly agricultural products, throughout the Asia Pacific
region, where one quarter of the world's undernourished people live.
In the meantime, the SOM held in Sendai, Japan in late September had focused on
the Apec 2010 initiatives including its "high quality" growth strategy,
assessment on the progress of the Bogor Goals and the way forward on greater
economic integration.
It was reported that SOM had made progress on the substance of Apec's growth
strategy which aims to improve the quality of economic growth in the Asia
Pacific region in the wake of the global financial crisis.
Officials have been holding related meetings, workshops and symposiums covering
a wide range of issues including non-tariff barriers to trade, energy security,
disaster preparedness, sustainable tourism, anti-corruption and supply chain
connectivity.
SOM will gather again in Yokohama on Nov 7-8 to finalise recommendations for the
Apec Ministers and Leaders meetings.
The ministerial meeting will take place from Nov 10 to 11, followed by the Apec
SME Summit on Nov 11, Apec CEO Summit from Nov 12 to 13 and the Leaders meeting
from Nov 13 to 14.
-- BERNAMA
KUALA LUMPUR, Nov 6 (Bernama) -- The Asia Pacific Economic Cooperation (Apec) meeting in Yokohama, Japan is expected to adopt a new growth strategy aimed at accelerating regional economic integration.
Issues to be discussed would probably include trade and investment; and efforts
to promote sustainable, inclusive and balanced development, and expedite
structural reforms that will unleash entrepreneurship and innovation as well as
address structural imbalances, much like the recent G20 agenda, an economist
told Bernama.
Although the Apec region has become the world's growth centre by promoting free
and open trade and economic integration, Apec leaders had declared in Lima, Peru
in 2008, the need for a strategy on growth, recognising that challenges such as
further environmental sustainability and social inclusiveness are essential to
the future prosperity and well-being of its citizens.
"Threats of currency and trade wars, growing risks to region-wide food security,
energy and environmental crises, and destabilising fiscal, public debt and trade
imbalances in some member countries, are some of the pressing issues that the
conference should seek to address while finding a new direction for the regional
grouping amid the fragile global recovery," said RAM Holdings Bhd Chief
Economist Dr Yeah Kim Leng.
Apec groups 21 member economies which account for about 40.5 per cent of the
world's population, 54.2 per cent of world GDP and 43.7 per cent of world trade.
Its members are Australia, Brunei, Canada, Chile, China, Hong Kong,
Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea,
Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, United States of America
and Vietnam.
In addressing the fallouts from the global financial crisis to this region, Dr
Yeah said the grouping serves the purpose of exchanging viewpoints, forging
understanding and consensus among policy makers while identifying priorities for
common actions and capacity building.
In accelerating regional economic integration, he said more can be done aside
from working towards a free trade area.
"The more developed members could better assist the less developed ones with
more funding and technical assistance to raise the level of education, skills
training, R&D, indigenous technological capabilities and market development," he
added.
On issues that Malaysia should raise during the conference, he said it could be
on ways Apec could assist its members to shield their economies from volatile
currency markets, competitive devaluations, unstable as well as sharp increases
in commodity prices.
Other pertinent issues include how member countries could assist each other in
the development of green technology, especially in attracting investments and
transfer of technology from the more advanced economies.
The Apec meeting in Yokohama is preceded by earlier senior officials meeting
(SOM) and also ministerial meetings.
It had for the first time convened the Apec Ministerial Meeting on Food Security
on Oct 17-18 in Niigata, Japan, to tackle key issues involving the sustainable
development of agriculture and increased investment and trade in the sector.
It was reported to have developed an action plan, aimed at improving reliable
access to food, particularly agricultural products, throughout the Asia Pacific
region, where one quarter of the world's undernourished people live.
In the meantime, the SOM held in Sendai, Japan in late September had focused on
the Apec 2010 initiatives including its "high quality" growth strategy,
assessment on the progress of the Bogor Goals and the way forward on greater
economic integration.
It was reported that SOM had made progress on the substance of Apec's growth
strategy which aims to improve the quality of economic growth in the Asia
Pacific region in the wake of the global financial crisis.
Officials have been holding related meetings, workshops and symposiums covering
a wide range of issues including non-tariff barriers to trade, energy security,
disaster preparedness, sustainable tourism, anti-corruption and supply chain
connectivity.
SOM will gather again in Yokohama on Nov 7-8 to finalise recommendations for the
Apec Ministers and Leaders meetings.
The ministerial meeting will take place from Nov 10 to 11, followed by the Apec
SME Summit on Nov 11, Apec CEO Summit from Nov 12 to 13 and the Leaders meeting
from Nov 13 to 14.
-- BERNAMA
