Challenges to Economic Cooperation
Chapter 8: APEC is a 'Moving Target'
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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