ID :
149993
Mon, 11/15/2010 - 15:02
Auther :
Shortlink :
https://oananews.org//node/149993
The shortlink copeid
TIME FOR ACTION FROM APEC MEMBERS
YOKOHAMA, Nov 15 (Bernama) -- Having concluded their annual meeting, the
more important task ahead for the Asia-Pacific Economic Cooperation (Apec)
leaders now is to make good their pledges through concrete action to further
liberalise and increase regional trade and investment.
Of importance is the ambitious Free Trade Area of the Asia-Pacific (FTAAP),
with the key to realising it being forging smaller free trade frameworks, one of
which is the Trans Pacific Partnership (TPP).
The focus on FTAAP stole much of the limelight from the New Growth Strategy
focus, which had its implementation scheduled for 2015, as leaders saw FTAAP as
a major instrument to further the region's economic integration agenda.
An Asia-Pacific Free Trade Area will be a formidable force in the world
trade as Apec economies account for 53 per cent of the global economic output
and 44 per cent of world trade.
Leaders agreed there would be no timeline to realise the FTAAP, which to a
large extent, reflects the flexibility member economies attach to achieving
economic plans against a backdrop of Apec's non-binding principles.
While pushing for free trade, it was encouraging to note that leaders too
shunned rising protectionist measures by agreeing to extend until 2013 a
"standstill" on new trade and investment barriers first forged in 2008.
This is a step in the right direction amid lingering concerns that
turbulence in the global currency markets has increased the risk of a return to
protectionism.
They called for a restart to the stalled Doha Round of World Trade
Organisation (WTO) talks next year, but major economies must give greater
concessions and access to their agricultural markets on an equitable basis.
Otherwise, it will be a repeat of the disastrous collapse of the WTO talks
in Cancun, Mexico, in September 2003, which countries cannot afford given the
vagaries in the international marketplace and immense challenges to the global
economy.
It was also encouraging to note that the Apec meeting in Yokohama ended
without any controversy and neither was it side-tracked by bilateral spats as
was the case in several previous meetings.
The fact that Japan broke away from Apec tradition when leaders were not
required to wear traditional attire perhaps underscores their zest to focus on
the substance rather than form in freeing regional trade and investment.
Action is vital as leaders reaffirmed their "unwavering commitment to
achieving free and open trade and investment in the region" in their declaration
entitled "Yokohama Vision - Bogor and Beyond."
As for the TPP, a meeting on the regional pact was hosted by US President
Barack Obama on the sidelines whereby TPP members had hoped for Japan to make a
quick decision on its participation in the pact.
If Japan joins up, tariffs imposed on Japanese products imported to the US
will be slashed, making Japanese products competitive in the American market,
but the US would also need to open up its agricultural market, which is a
sensitive issue.
This would test the resolve of major economies to open up their protected
agriculture market or that they are interested in prising open markets of
developing nations and push only products in which they have competitive
advantages.
Originally a small free trade pact signed by Brunei, Chile, New Zealand and
Singapore in 2005, the TPP gained attention after Obama said last year that the
US plans to join the pact.
Vietnam and Malaysia were the latest countries to join the TPP which
comprises Brunei, Chile, the US, New Zealand, Australia, Peru and Singapore.
Obama hosted the first-ever TPP summit on the sidelines of the 18th Apec
summit, which incidentally was also attended by Japanese premier Naoto Kan.
The President's commitment to TPP reflects Washington's growing impatience
with its exclusion from various economic frameworks in the region, including the
East Asia FTA involving Asean Plus Three (China, Japan, South Korea).
The TPP aside, Apec leaders have much work ahead of them to streamline national economic policies so that they are in sync with regional commitments to free trade and investment.
Twenty-one years ago, Apec's founders saw the need for greater consultation and cooperation to guide the increasingly inter-dependent economies of the Asia- Pacific towards a more closely and effectively-linked regional economic system.
Apec has since followed the insight of its founders and the direction provided by the Bogor Goals, with the Asia-Pacific region now becoming a driving force and engine of growth in the world economy.
But the full realisation of Apec's goals will need the full commitment of all its 21-member economies particularly in undertaking action-oriented measures to meet such regional objectives.
more important task ahead for the Asia-Pacific Economic Cooperation (Apec)
leaders now is to make good their pledges through concrete action to further
liberalise and increase regional trade and investment.
Of importance is the ambitious Free Trade Area of the Asia-Pacific (FTAAP),
with the key to realising it being forging smaller free trade frameworks, one of
which is the Trans Pacific Partnership (TPP).
The focus on FTAAP stole much of the limelight from the New Growth Strategy
focus, which had its implementation scheduled for 2015, as leaders saw FTAAP as
a major instrument to further the region's economic integration agenda.
An Asia-Pacific Free Trade Area will be a formidable force in the world
trade as Apec economies account for 53 per cent of the global economic output
and 44 per cent of world trade.
Leaders agreed there would be no timeline to realise the FTAAP, which to a
large extent, reflects the flexibility member economies attach to achieving
economic plans against a backdrop of Apec's non-binding principles.
While pushing for free trade, it was encouraging to note that leaders too
shunned rising protectionist measures by agreeing to extend until 2013 a
"standstill" on new trade and investment barriers first forged in 2008.
This is a step in the right direction amid lingering concerns that
turbulence in the global currency markets has increased the risk of a return to
protectionism.
They called for a restart to the stalled Doha Round of World Trade
Organisation (WTO) talks next year, but major economies must give greater
concessions and access to their agricultural markets on an equitable basis.
Otherwise, it will be a repeat of the disastrous collapse of the WTO talks
in Cancun, Mexico, in September 2003, which countries cannot afford given the
vagaries in the international marketplace and immense challenges to the global
economy.
It was also encouraging to note that the Apec meeting in Yokohama ended
without any controversy and neither was it side-tracked by bilateral spats as
was the case in several previous meetings.
The fact that Japan broke away from Apec tradition when leaders were not
required to wear traditional attire perhaps underscores their zest to focus on
the substance rather than form in freeing regional trade and investment.
Action is vital as leaders reaffirmed their "unwavering commitment to
achieving free and open trade and investment in the region" in their declaration
entitled "Yokohama Vision - Bogor and Beyond."
As for the TPP, a meeting on the regional pact was hosted by US President
Barack Obama on the sidelines whereby TPP members had hoped for Japan to make a
quick decision on its participation in the pact.
If Japan joins up, tariffs imposed on Japanese products imported to the US
will be slashed, making Japanese products competitive in the American market,
but the US would also need to open up its agricultural market, which is a
sensitive issue.
This would test the resolve of major economies to open up their protected
agriculture market or that they are interested in prising open markets of
developing nations and push only products in which they have competitive
advantages.
Originally a small free trade pact signed by Brunei, Chile, New Zealand and
Singapore in 2005, the TPP gained attention after Obama said last year that the
US plans to join the pact.
Vietnam and Malaysia were the latest countries to join the TPP which
comprises Brunei, Chile, the US, New Zealand, Australia, Peru and Singapore.
Obama hosted the first-ever TPP summit on the sidelines of the 18th Apec
summit, which incidentally was also attended by Japanese premier Naoto Kan.
The President's commitment to TPP reflects Washington's growing impatience
with its exclusion from various economic frameworks in the region, including the
East Asia FTA involving Asean Plus Three (China, Japan, South Korea).
The TPP aside, Apec leaders have much work ahead of them to streamline national economic policies so that they are in sync with regional commitments to free trade and investment.
Twenty-one years ago, Apec's founders saw the need for greater consultation and cooperation to guide the increasingly inter-dependent economies of the Asia- Pacific towards a more closely and effectively-linked regional economic system.
Apec has since followed the insight of its founders and the direction provided by the Bogor Goals, with the Asia-Pacific region now becoming a driving force and engine of growth in the world economy.
But the full realisation of Apec's goals will need the full commitment of all its 21-member economies particularly in undertaking action-oriented measures to meet such regional objectives.
