APEC 2010 to work on wide-ranging issues
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When leaders from the Pacific Rim economies arrive in Yokohamm for the annual summit of the Asia-Pacific Economic Cooperation (APEC) forum, they will try to tackle a wide range of issues that confront the Asia-Pacific region amid new challenges to regional integration and an uneven pace of economic recovery.
At a two-day ministerial meeting that ended Friday in Yokohama, ministers from APEC member economies reviewed the current state of affairs in the Asia-Pacific region, which has been leading global economic growth in spite of the financial crisis.
However, member economies are facing challenges, in particular, of addressing volatility, creating employment and reconsolidating finance, and continuing to keep a balance between recovery and the exit strategies of fiscal and monetary policies. Therefore, APEC members need to focus more on the quality of growth while maintaining the growth rate and continue to promote regional integration.
APEC leaders adopted the Bogor Goals of free and open trade and investment at the 1994 summit in Bogor, Indonesia. The goal takes into account differing levels of economic development among APEC economies, with the industrialized economies achieving the goal no later than the year 2010 and developing economies no later than the year 2020.
The five developed economies -- the United States, Canada, Japan, Australia and New Zealand -- are subject to assessment at the Yokohama APEC summit. Eight developing economies, including South Korea, Singapore and China's Hong Kong, volunteered to participate in the assessment this year.
Since its inception 21 years ago, APEC has worked actively in promoting regional economic integration, with a long-term vision of creating a Free Trade Area of the Asia-Pacific (FTAAP).
At the ministerial meeting, ministers affirmed that taking concrete steps toward realization of an FTAAP is an important part of the regional economic integration agenda.
In Yokohama, ministers and business leaders discussed possible pathways to achieving the FTAAP, including existing frameworks like the ASEAN+3 and the Trans-Pacific Partnership.
At the APEC Singapore summit last year, leaders agreed on compiling a comprehensive long-term growth strategy to achieve economic growth that is balanced, inclusive, sustainable, innovative, and secure.
Ministers discussed the draft growth strategy and recognized that this strategy will help achieve a higher quality of growth with a view to realizing sustained and enhanced prosperity in the region. The draft will be submitted to leaders for their consideration and adoption in Yokohama.
The APEC Leaders' Week this year, which includes a senior officials meeting and a ministerial, will culminate in a leaders' informal meeting that starts Saturday.
In Yokohama, the leaders will also try to address the issue of human security, which includes food security, food safety, emergency preparedness, countering terrorism and securing trade, anti-corruption and transparency, and ensuring health.
Ministers also recognized the importance of economic and technical cooperation, saying it will continue to play a vital role in accelerating regional economic integration, in implementing the new growth strategy and in enhancing human security in the region.
