In the Bogor Declaration of 1994, APEC members committed to free and open trade and investment in the region by 2010 for industrialised economies and by 2020 for developing economies. These Bogor Goals have since been the guiding principle of APECs work. This year, APEC will assess progress on the 2010 deadline.
APEC will also intensify its work on REI. Liberalisation and facilitation of trade and investment has been the key engine of development in the region and its importance to APEC remains unchanged. As instructed by APEC Leaders and Ministers, APEC will explore, in particular, a range of possible pathways towards a Free Trade Area of the Asia-Pacific (FTAAP). Further study will also be done on specific areas of APECs REI agenda including in services, the digital economy, investment, rules of origin, standards/technical barriers to trade, and environmental goods and services. APEC will also continue to enhance regional connectivity and promote trade facilitation.
Growth Strategy
APEC will formulate a growth strategy for the Asia-Pacific region which supports more balanced growth within and across economies, achieves greater inclusiveness in our societies, addresses the challenges of environmental and energy sustainability, and which seeks to raise our growth potential through innovation and a knowledge-based economy.
Balanced growth aims to gradually unwind global imbalances and raise the potential output of APEC member economies. Inclusive growth strives to broaden access to economic opportunities and build the resilience of the most vulnerable against economic shocks. Sustainable growth seeks to ensure that future growth is environmentally sustainable and to build a "green" economy in the Asia-Pacific region. Knowledge-based growth aspires to create an innovative environment and promote the development and utilisation of technology and services in order to improve the business environment and upgrade industrial structures in the region.
Human Security
APECs human security agenda will be augmented to help sustain growth and prosperity in the Asia-Pacific. Food security has been identified as a vital issue for the development of the region and APECs first Ministerial Meeting on Food Security will be held in October. Other agenda items will include infectious diseases, counter terrorism, anti-corruption, and disaster preparedness.
Economic and Technical Cooperation
Economic and technical cooperation (ECOTECH) will be critical to building members capacity to support and implement the necessary "actions" and to advance APECs new vision for achieving growth and prosperity. Accordingly, APEC will intensify its work to strengthen the effectiveness of its ECOTECH activities.
SOURCE: APEC VC Korea
