APEC’s business lobby, the Asia Pacific Economic Cooperation Business Advisory Council, will urge 21 government leaders to set a timetable for the creation of a regional free trade area later this year
A US commitment to the P4 through a wider trade pact would indirectly inject new life into the fading Asia-Pacific Economic Cooperation (APEC), which veered off course into security issues during the George W Bush administration and which is now struggling to achieve its market-liberalizing goals set out in Bogor, Indonesia, in 1994.
Those who favour a big push for regional integration in Asia now have their day in the sun. They say that the global economic crisis has accelerated the decline of America and the rise of China, India and other emerging powers. Power is shifting inexorably from the West to Asia.
Leaders of the Asia-Pacific Economic Cooperation forum will set Japan, the next APEC chair, the task of identifying ways for the 21-member grouping to create a free trade bloc in the future, according to a draft statement they are expected to issue at their Nov. 14 to 15 summit in Singapore.
Businesses are becoming less interested in the World Trade Organization’s attempts to forge a global deal as long-standing talks have yet to yield results, a private sector group affiliated with the Asia-Pacific Economic Cooperation warned late last week.
It is time for APEC to take more concrete actions towards establishing a Free Trade Area of the Asia Pacific (FTAAP) in view of the financial crisis and the stalled Doha Round negotiations, says the APEC Business Advisory Council (ABAC).
Pacific Rim leaders are expected at their summit next month to consider combining existing bilateral and regional free trade agreements in the region as a way of creating a Free Trade
Area of the Asia-Pacific, according to a draft report of policy recommendations to the leaders.
The US-South Korea free trade deal could encourage further liberalization and create an environment conducive to a proposed trans-Pacific free trade area linking Asia and the Americas, officials and analysts say.
Chile wants a study of regional trading arrangements (RTAs) and free trade agreements (FTAs) within the Asia Pacific region, and this is likely to be discussed by the leaders at the forthcoming APEC Summit in Santiago.
An Issues Paper for the APEC Business Advisory Council (ABAC)