Goals for APEC to pursue

Source: CCTV.com | 11-16-2006 14:08

APEC accounts for about 60 percent of the world's gross domestic product and about 47 percent of world trade. Its goal is to establish a new paradigm for cooperation in multilateral trade. The reality, however, is a return to some familiar problems.

Since its inception in 1989, The Asia-Pacific Economic Cooperation has worked to promote free trade and practical economic and technical cooperation in the Asia-Pacific region.

At a meeting at Bogor in Indonesia in 1994, APEC set a goal for the developed economies of the APEC to complete their liberalization of trade and investment by 2010. The deadline for the developing economies was set at 2020.

However setting the goals is one thing, meeting them is another.

The developed member countries hesitate to take action, worrying they may not benefit as much as their developing counterparts. With only four years left to go, the successful realization of the "Bogor Goals" is now in question.

Zhang Yunling said, “The developed member economies should take the initiative to fulfill the “Bogor Goals”, or at least to fulfill the key measures. However no effective action has been taken until now. If that remains the case, APEC will encounter severe difficulties.”

For some time APEC was the driving force in the integration of the economies of the Asia Pacific Region. Now its pre-eminence is in danger being challenged by other organizations such as the ASEAN plus three group. But its role is still unique.

Zhang Yunling said, “APEC is the only organization that links both sides of Pacific. Beyond its sheer economic size it has developed the capability to tackle social and political issues. As long as the members maintain sufficient vigor in their approach then all can benefit.”

With the Asia-Pacific economic region looking set to dominate the World in the coming century, the need for an organization like APEC has never been greater. But its future depends on the common effort of all its members, especially the developed ones.

Editor:Sun Luying