Leaders seek to develop APEC community
The 18th APEC Economic Leaders’ Meeting concluded on November 14 with the adoption of the ‘Yokohama Vision’ which for the first time introduced the concept of an APEC community and specific measures to implement it in this regional community.
In their declaration, the 21 leaders of APEC member countries stressed growth that is more balanced, inclusive, sustainable, innovative, and secure. They agreed to take concrete steps to realize a Free Trade Area in the Asia-Pacific region, which accounts for half the world’s GDP, and pledged not to devalue their domestic currencies for competitive advantage.
This is a major instrument for furthering APEC's regional economic integration agenda, according to the declaration.
“A Free Trade Area of the Asia-Pacific region (FTAAP) should be pursued as a comprehensive free trade agreement by developing and building on ongoing regional undertakings, such as ASEAN+3, ASEAN+6, and the Trans-Pacific Partnership, among others,” it said. ASEAN+3 comprises ASEAN, China, Japan and the Republic of Korea while ASEAN+6 consists of ASEAN+3, India, Australia, and New Zealand.
After the declaration was approved by APEC leaders, Japanese Prime Minister Naoto Kan emphasized that APEC member economies will strive for trade and investment liberalization.
Mr Kan added that APEC had, for the first time, ‘formularized’ a new development strategy for stable and balanced growth in the region.
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APEC leaders also affirmed that the forum is facing many new global and regional promises and new challenges, with the rising influence of the Asia-Pacific region, the development of extensive supply chains, and the rapid adoption of new information and communication technologies.
After the meeting, Chinese President Hu Jintao confirmed his commitment to pursue amicable ties as good neighbours in the Asia-Pacific region and warned of ‘significantly escalating protectionism in a variety of forms’.
In ‘the Yokohama Vision – Bogor and Beyond’ declaration, the leaders reaffirmed their pledge to quickly conclude the Doha Development Agenda with the Bogor Goals on free and open trade and investment.
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During the two-day APEC meeting, the leaders also endorsed a report on 13 economies that have made considerable progress toward achieving the Bogor Goals and agreed that they will continue considering admitting more members to the forum in the future.