APEC s Bogor Goals Mid-Term Stock Taking and Tariff Reduction

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1 APEC Study Center Consortium Conference 2 PECC Trade Forum May 2, Hotel Shilla, Jeju, Korea APEC s Bogor Goals Mid-Term Stock Taking and Tariff Reduction 1993 Blake s Island, US Hikari Ishido (Associate Professor, Chiba University, Japan) Santiago, Chile 1994 Bogor, Indonesia 23 Bangkok, Thailand 1994 Bogor, Indonesia 1994 Bogor, Indonesia 199 Osaka, Japan Subic, Philippines 1997 Vancouver, canada 1998 Kuala Lumpur, 1999 Auckland, New Bandar Seri Malaysia Zealand Begawan, Brunei 21 Shanghai, China 22 Los Cabos, Mexico

2 APEC as the world s largest regional cooperation APEC s 21 member economies: Australia, Brunei, Canada, Chile, People s Republic of China, Hong Kong-China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, United States, Viet Nam World in 23/4 GDP: US$ 32 trillion Trade: US$.3 trillion Population: 6.2 billion APEC in 23/4 GDP: US$ 2 trillion (61% of world total) Trade: US$2. trillion (46% of world total) Population: 2.6 billion (41% of world total) EU GDP:US$9.1 trillion Population:.4 billion NAFTA GDP: US$11.8 trillion Population:.42 billion AFTA GDP: US$.6 trillion Population:.3 billion MERCOSUR in 23/4 GDP: US$ billion Trade: US$ 81 billion Population:.2 billion

3 Diversity of per-capita GDP (US$) among APEC member economies (in 23/4) Vietnam Papua New Guenea Indonesia Philippines China Thailand Peru Russia Malaysia Chile Mexico Korea Chinese Taipei B runei New Zealand A ustralia Singapore Canada China H ong Kong Japan United States ,2 1,991 2,126 2,38 3,869 4,414 6,2 9,96 12,467 12,911 14,916 2,143 2,89 23,428 23,72 31,48 36,47, 1, 1, 2, 2, 3, 3, 4,

4 Brief chronology of APEC 1989: Establishment of APEC for the purpose of trade and investment liberalization and facilitation through cooperation and consultation 1993: Seattle Summit (first Economic Leaders Meeting) calls for major regional cooperation effort 1994: Bogor Summit sets vision of free trade and investment by 21/ 199: Osaka Action Plan outlines an operational strategy : Manila Action Plan introduces Individual Action Plans (IAPs) and Collective Action Plans (CAPs); Information Technology Agreement (ITA) launched and later became a legally binding treaty. 1998: Early Voluntary Sectoral Liberalization (EVSL) fails to be adopted (due arguably to Japan s reluctance to open its fishery and forest sectors)

5 Basic characteristic of APEC: Open regionalism For example, APEC adopts Concerted Unilateral Liberalization (CUL) on a Most Favored Nation (MFN) basis (i.e., WTO-consistent) Prisoners delight is aimed at.

6 APEC s Concrete frameworks Trade and Investment Liberalization and Facilitation ( TILF ) Economic and Technical Cooperation ( ECOTECH )

7 Bogor Goals (in 1994 Economic Leaders Declaration) Paragraph 6: With respect to our objective of enhancing trade and investment in the Asia-Pacific, we agree to adopt the long-term goal of free and open trade and investment in the Asia-Pacific. This goal will be pursued promptly by further reducing barriers to trade and investment and by promoting the free flow of goods, services and capital among our economies. We will achieve this goal in a GATT-consistent manner and believe our actions will be a powerful impetus for further liberalization at the multilateral level to which we remain fully committed.

8 Bogor Goals (in 1994 Economic Leaders Declaration) Paragraph 6(continued): We further agree to announce our commitment to complete the achievement of our goal of free and open trade and investment in the Asia- Pacific no later than the year. The pace of implementation will take into account differing levels of economic development among APEC economies, with the industrialized economies achieving the goal of free and open trade and investment no later than the year 21 and developing economies no later than the year.

9 Average tariffs (%) Achievement of Bogor Goals: the case of tariff reduction (The figure below is based on Yamazawa and Urata, ) Uruguay Round line IAP line Bogor line

10 APEC s Open Regionalism Paragraph 6(continued): We wish to emphasize our strong opposition to the creation of an inward-looking trading bloc that would divert from the pursuit of global free trade. We are determined to pursue free and open trade and investment in the Asia- Pacific in a manner that will encourage and strengthen trade and investment liberalization in the world as a whole. Thus, the outcome of trade and investment liberalization in the Asia-Pacific will not only be the actual reduction of barriers among APEC economies but also between APEC economies and non-apec economies. In this respect we will give particular attention to our trade with non-apec developing countries to ensure that they will also benefit from our trade and investment liberalization, in conformity with GATT/WTO provisions.

11 Osaka Action Agenda: 199 (revision in, 21 and 22) The Osaka Action Agenda provides a framework for meeting the 'Bogor Goals' through trade and investment liberalisation, business facilitation and sectoral activities, underpinned by policy dialogues and economic and technical cooperation. As part of this framework, General Principles have been defined for Member Economies as they proceed through the APEC liberalisation and facilitation process.

12 General Principles of the Osaka Action Agenda (applied to the entire APEC liberalisation and facilitation process) Comprehensiveness - addressing all impediments to achieving the long-term goal of free and open trade. WTO-consistency - measures undertaken in the context of the APEC Action Agenda are consistent with the principles of the World Trade Organization (WTO). Comparability - APEC Member Economies endeavor to have comparable trade and investment liberalisation and facilitation, taking into account the general levels achieved by each APEC economy. Non-discrimination - reductions in barriers to trade achieved through APEC are available to all APEC Member Economies and non-apec economies. Transparency - the laws, regulations and administrative procedures in all APEC Member Economies which affect the flow of goods, services and capital among APEC Member Economies are transparent. Standstill - APEC Member Economies do not take measures which have the effect of increasing levels of protection. Simultaneous start, continuous process and differentiated timetables -APEC Member Economies began simultaneously the process of liberalisation, facilitation and cooperation and continuously contribute to the long-term goal of free and open trade and investment. Flexibility - APEC Member Economies deal with the liberalisation and facilitation process in a flexible manner, taking into account differing levels of economic development. Cooperation - Economic and technical cooperation contributing to liberalisation and facilitation is actively pursued. Relevance, Progressiveness and Effectiveness APEC needs to deliver real benefits to economies and people, demonstrate leadership in confronting emerging issues, which impact on sustainable economic growth and development and bring about measurable progress and change.

13 Individual Action Plans (IAPs) IAPs are a record of actions taken to meet its stated goals for free and open trade and investment. Every Member Economy submits annually an Individual Action Plan (IAP). APEC Member Economies set their own timelines and goals, and undertake these actions on a voluntary and non-binding basis. As specified in the Osaka Action Agenda, reporting is based on 1 issue areas: 1Tariffs 2Non-tariff measures 3Services 4Investment Standards and Conformance 6Customs Procedures 7Intellectual Property 8Competition Policy 9Government Procurement 1Deregulation/Regulatory Review 11WTO Obligations (inc. Rules of Origin) 12Dispute Mediation 13Mobility of Business People 14Information Gathering and Analysis 1Strengthening economic legal infrastructure Each year, several APEC Member Economies volunteer to have their IAPs reviewed. Known as Peer Reviews, this process involves a formal review team considering each volunteer economy's IAP. Experts conducting independent in-country research and analysis and the involvement of the independent private sector body, the APEC Business Advisory Council (ABAC) are also part of the process.

14 Collective Action Plans Collective Action Plans (CAPs) detail the actions of all APEC Member Economies in the 1 issue areas outlined in the Osaka Action Agenda. The 1 issue areas mirror the IAP's. CAPs are used by APEC to outline actions and objectives to meet the free trade and investment goals, as well as to monitor and report on progress.

15 APEC 2 s Priorities 1. Advancing Freer Trade 1.1. Support for the WTO DDA 1.2. Mid-term Stock-take and Future Roadmap to the Bogor Goals 1.3 Enhancing APEC s Leading Role: Trade Facilitation and Capacity Building 2. Fighting Corruption 3. Sharing Prosperity of the Knowledge-based Economy: Protecting Innovation and Expanding Digital Opportunity 4. Human Security: Counter-terrorism, Energy Security, Health and Disaster Response and Preparedness. SMEs and Micro-enterprises, and Gender Integration 6. APEC Reform 7. Promoting Cross-cultural Communication

16 Mid-Term Stock Taking of the Bogor Goals Shanghai Accord: III. STRENGTHENING THE IMPLEMENTATION MECHANISM Strengthening the IAP Peer Review Process Leaders welcome the decision by Ministers to strengthen the Individual Action Plan (IAP) peer review process, and encourage member economies to volunteer their IAPs for peer review on the basis of the new approach. Leaders also agree that upon completion of such a review cycle, involving all volunteer economies, a mid-term stocktake of the overall progress towards the Bogor Goals should be undertaken in 2. I was appointed as one of the experts for the Mid-Term Stock Taking of the Bogor Goals (together with experts from Korea (chair), Australia, China and Viet Nam). Concrete methodology for the mid-term stocktaking unknown, so we should learn from IAP evaluation.

17 Individual economies tariff reduction efforts 12 1 Australia Australia Brunei Brunei C anada C anada Chile Chile

18 Individual economies tariff reduction efforts China China Hong Kong, China Hong Kong, China Indonesia Indonesia Japan Japan

19 Individual economies tariff reduction efforts Korea Korea Malaysia Malaysia Mexico Mexico New Zealand New Zealand

20 Individual economies tariff reduction efforts Peru Peru Philippines Philippines Russia Russia Singapore Singapore

21 Individual economies tariff reduction efforts Chinese Taipei Chinese Taipei Thailand Thailand United States United States Vietnam Vietnam

22 Tariff reduction efforts of APEC as a whole T a riff rate (% ) APEC member average APEC member average Note: Data on the simple average tariff rate for Papua New Guinea is not available and hence it is not included. With a bit more effort, the tariff reduction component of Bogor Goals is well achievable.

23 The way forward In my capacity as one of the experts for the Mid- Term Stock Taking of the Bogor Goals, I wish to follow up on APEC s efforts toward achieving TILF and share future findings.

24 THANK YOU VERY MUCH

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