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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 23: APEC Vision: Action Agenda/Action Plan

M. Dutta

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


Page 204  23  APEC Vision:  Action Agenda/Action Plan  APEC VISION  The creation of a true economic community in the Asia­Pacific region has been at the core of APEC vision. The pronouncement was loud and clear that the Asia­ Pacific Community would not seek to replicate the EU by way of establishing “a single internal market” with an agenda for a common currency. The Community would  seek to optimize economic gains for all member­countries by an active intraregional trade liberalization program, reiterating its commitment to global trade liberalization  under GATT and WTO. The vision was for a “market­driven” Asia­Pacific regional integration. To this end, the APEC EPG Report (APEC, 1993) stated that the  Asia­Pacific region should develop with focus on:  l l l l l l l an investment code,   a dispute settlement process,   a greater coordination of macroeconomic policies,   cooperation on competition policy,   harmonization of product standards, customs laws,   environmental cooperation, and   a trade and investment framework with proper “rules of origin’’.   The APEC Leaders’ Summit in 1994 (APEC, 1994) went on to further streamline the APEC vision “on the basis of equal partnership, shared responsibility, mutual  respect, common interest and common benefit”. There was a reaffirmation of the position that APEC will not be “a single internal market” as is the case in the EU, and  that APEC’s goal would be a GATT/WTO­consistent comprehensive free trade regime in the region with the provision for “flexible implementation”, given the varying  levels of economic development...

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