The Impact of Regionalism and the Role of the G20
Edited by Jehoon Park, T. J. Pempel and Geng Xiao
Chapter 9: APEC: The Future Prospects for a Bridge Spanning the Pacific
Tomoyoshi Nakajima1 9.1 INTRODUCTION The 20th anniversary of the formation of the Asia-Pacific Economic Cooperation (APEC) was in 2009. The steps taken by APEC – which espouses an ‘Open Regionalism’ aiming at the liberalization of trade and investment indicated by the Bogor Goals for the economic development of the Asia-Pacific region – have not been even, and the results have not always fulfilled the hopes of many members. Today many of APEC’s members have concluded bilateral or regional free trade agreements (FTAs) with countries and territories within and outside the region, and have realized the liberalization of trade and investment by means of exclusive frameworks. Moreover in East Asia, which is an important part of APEC, regional economic integration is being sought by means of frameworks such as ASEAN13 and ASEAN16 (see Section 9.3). Such moves have an impact on the United States, which faces the possibility of being excluded, and has induced major changes in its East Asian trade policy. Today, as a specific response thereto, the United States is proposing a Free Trade Area of the Asia-Pacific (FTAAP), with its area being APEC in its entirety. In this chapter, on the premise of such changes in the environment, and in the area of the liberalization of trade and investment, I look to the future of APEC, which is a unique international organization linking East Asia and the United States. 9.2 OVERVIEW OF APEC APEC, via a call from Australian Prime Minister Bob Hawke, was formed in 1989 as an organization...
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