Challenges to Economic Cooperation
Chapter 25: Challenges for APEC
Page 225 25 Challenges for APEC In the absence of a supranational macroeconomic core for an intraregional economic community, especially for APEC, challenges will be overwhelming. We refer to five key issues. First, we must draw upon the specific AsiaPacific economic experience. A thorough appreciation of the paradigm of adaptive innovation, as discussed earlier (see Part I), is in order. These APEC membereconomies became successful by importing alien technology and paying for them by exporting their endproducts to the world market. Thus, the intraregional trade and investment flows have grown, as was expected. It follows that the CAB becomes a key parameter. APEC member economies watch it all too carefully. Can APEC maintain a policy of rational vigil for intraregional welfare? If not, mutual bashing of APEC membership will result. On the other hand, any form of unilateral punitive action, such as the U.S. Super301, to correct a situation of perceived unfair competition, can only be counterproductive (Lipsey, 1992). Second, complex issues, such as human rights and nuclear proliferation, can and must be discussed and that can be done best at the regional forum before they are taken to the global forum. Binational diplomatic confrontations cannot be helpful for multilateral economic cooperation. If human rights is an issue for sustained economic cooperation, it should be so for membereconomies in APEC, until, of course, the one global macro core is effectively operational. The intraregional consensus can help as a building block for the global agenda. Broadening...
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