Promoting Competition in Global Markets

Promoting Competition in Global Markets

A Multi-National Approach

P. J. Lloyd and Kerrin M. Vautier

This book sheds new light on a major issue on the international trade policy agenda – the promotion and defence of competition in globalizing markets. The authors discuss multi-national approaches to competition policy in the WTO, European Union, the Americas, OECD, UNCTAD and CER. They investigate the policy responses to anti-competitive, cross-border business transactions and argue that a growing reliance on competition law is not in itself sufficient to promote competition in globalizing markets.

Chapter 9: APEC

P. J. Lloyd and Kerrin M. Vautier

Subjects: economics and finance, international economics


The Institution APEC was established in 1989 and now comprises 21 economies in the Asia­Pacific region. It is an inter­government forum fostering 'open regionalism' through  consensus­driven economic cooperation. The Bogor Declaration, signed by APEC's Economic Leaders in 1994, gave formal expression to a goal of 'free and open  trade and investment' by 2010 and 2020 for developed and developing economies respectively. Economic cooperation within APEC is voluntary; therefore, progress towards agreed goals relies on the peer pressure of governments and on the habit of extensive  consultation, information exchange and consensus­building. Much will also depend on the extent to which producers and consumers support and actively encourage  the process. The essence and distinguishing feature of APEC is found in its concept of concerted unilateralism which embodies the collective commitment to trade and investment  liberalization within specified time­frames, while allowing for flexibility of response by member economies depending on their stage of development and national  priorities. Concerted unilateralism provides opportunities for leadership; and it is a powerful point that unilateral market­opening actions by governments give less  scope for others to run protectionist arguments. Whatever APEC achieves in the long term, it will not be as a result of binding rules and negotiated concessions; nor is APEC dependent on the US President securing  fast­track negotiating authority from Congress. Rather, APEC's achievements will depend upon a perceived mutuality of interest in cooperating towards transparent,  comprehensive and non­discriminatory strategies for enlarging markets in a contestable way. Such...

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