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Economic Regionalization in the Asia-pacific

Economic Regionalization in the Asia-pacific

Challenges to Economic Cooperation

M. Dutta

This original and comprehensive book provides a unique insight into the development of economic regionalization, with special reference to the Asia-Pacific. It presents international globalization strategies from a historical perspective and then analyses the effects on the development of Asia-Pacific Economic Cooperation (APEC). Focusing on APEC itself, the author provides a detailed investigation into its organization and agenda, and thorough personal interviews with some of the most influential people who have worked for APEC.

Chapter 8: APEC is a 'Moving Target'

M. Dutta

Subjects: asian studies, asian economics, economics and finance, asian economics, international economics


Page 93  8  APEC is a “Moving Target”  Asia­Pacific Economic Cooperation (APEC) is no longer “talk only”. It is an institutionalized forum of 18 sovereign nation­states: the United States, Canada, Mexico  and Chile on the American shore of the Pacific, Japan, South Korea, the People’s Republic of China, Taiwan, Hong Kong, the Philippines, Brunei Darussalam,  Indonesia, Singapore, Malaysia and Thailand, on the Asian shore, and Australia, New Zealand and the Pacific Islands in the South Pacific. The principal item of its  agenda is to liberalize intraregional trade and investment flows with a target for free trade by 2010/2015/2020.  The many and varied issues before APEC include harmonization of tariff rules, standardization of products in trade, formulation of an investment code, human resource  development, environmental parameters, energy resource exploration, employment and growth and coordination of monetary­fiscal policies toward facilitation of its  agenda.  Annual APEC Summits with the participation of the heads of the member­states since 1993 have become an event of global economic significance. Each member­state  has designated an eminent person, and the eminent persons’ group (EPG) works to prepare blueprints for the summit meetings. At the Osaka Leaders’ Summit, the  designation of EPA was discontinued. However, parallel functionaries will certainly be in order. Each APEC member­country may designate an Advisor  Plenipotentiary. Regular meetings of APEC finance ministers review monetary­fiscal issues. The senior officials at the national capitals of APEC member­states have  their assignments and the Senior Officials’ Meetings (SOM) have become a...

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