Challenges to Economic Cooperation
Chapter 9: A Conversation with JANG-HEE YOO
Page 96 9 A Conversation with JANGHEE YOO Q. Let us begin with the question many of us seem to be concerned about. APEC, Bogor in 1994 became a high point since its founding in 1989, while APEC Osaka 1996, people perceived, became a low point. How will you explain this situation to your readers? A. An important point that people often miss is that APEC is still in the process of growing and developing. So far we have had three leaders’ meetings, or “summits” as they are referred to in the media. The first summit was held in Seattle in 1993, the second in Bogor 1994, and the third in Osaka in 1995. As more summits are held APEC’s vision becomes clearer every year and APEC’s programs become more concrete. In the Bogor Declaration of 1994, all of the membereconomies decided to complete APEC’s trade liberalization program by the year 2020 for developing economies and by the year 2010 for the developed economies. Even though the year 2020 may be a long way off, this is a major step towards economic integration in the APEC region that should not be underestimated. What is so significant about the Bogor Declaration is that all 18 membereconomies were able to come together and decide to accept this concept of APEC, despite the fact that each economy varies a great deal in terms of economic development status, relative size of economies, and economic systems. This is definitely one of the...
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