The Asia-Pacific Economic Cooperation (APEC) Leaders' Week, running from Sept. 2-9 in the Australian harbor city of Sydney, will see economic leaders and ministers of the 21 member economies discuss issues relating to trade and investment, among others.
In contrast with the many difficulties that have plagued trade facilitation talks at the multilateral level, APEC's successful mainstreaming of trade facilitation is striking. Here are some of the key dates in APEC's work in this area.
-- 1994 Bogor Goals
Leaders announce their commitment to the goal of "free and open trade and investment in the Asia-Pacific no later than the year 2020." They "emphasize the importance of trade facilitation because trade liberalization efforts alone are insufficient to generate trade expansion."
-- 1995 Osaka Action Agenda
Transparency and comprehensiveness, i.e. "addressing all impediments to achieving the long-term goal of free and open trade and investment," are included as General Principles supporting APEC's liberalization and facilitation program.
-- 2001 Shanghai Accord
Leaders commit to a 5 percent reduction in trade transaction costs over five years. They also "recognize the importance of transparency in economic governance."
-- 2003 Bangkok Statement
Leaders recognize that transparency is both "conducive to fairer and more effective governance" and "is a basic principle underlying trade liberalization and facilitation." Within this general framework, they adopt transparency standards covering, amongst other areas, customs procedures and market access (tariff and non-tariff measures).
-- 2005 Busan Roadmap
Leaders call for a further 5 percent reduction in trade transaction costs by 2010, on the basis of a favorable review of the original Shanghai goal.
Source: World Bank report
Source: Xinhua
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