APEC Officials LoginAPEC Groups
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Economic Committee |
As tariffs have declined in the APEC region, attention has gradually shifted to the structural and regulatory obstacles that inhibit cross-border trade and investment by creating behind-the-border barriers to doing business.
The Economic Committee (EC) works to remove these obstacles by promoting structural reform within APEC. Structural reform consists of improvements made to institutional frameworks, regulations and government policies so that the efficient functioning of markets is supported, and behind-the-border barriers are reduced.
In 2004, APEC Economic Leaders endorsed a detailed and ambitious work program, called the Leaders' Agenda to Implement Structural Reform 2010 (LAISR). The agenda covers five areas for structural policy reform: regulatory reform, competition policy, public sector governance, corporate governance, and strengthening economic and legal infrastructure.
Established in 1994, the EC works in close coordination with other relevant APEC fora including the Competition Policy and Law Group and the Finance Ministers' Process. The EC meets twice a year.
Achievements
Structural Reform Ministerial Meeting 2008
An inaugural Structural Reform Ministerial Meeting (SRMM) was held in August 2008 in Melbourne, Australia. Ministers explored: the benefits of structural reform, focusing in particular on regulatory reform; strategies for successful implementation of reform including political challenges; and the importance of robust legislative and institutional frameworks. A dialogue with business also considered how and why structural reform is important to regional private sector players.
Economic Committee Initiatives in 2009
The following initiatives and activities have been carried out by the EC in 2009:
- The EC has identified five priority areas for regulatory reform in APEC economies: starting a business, getting credit, trading across borders, enforcing contracts and dealing with permits. The next steps are for APEC economies to set targets to measure results, and for "champion economies" to develop capacity building programmes to carry out the regulatory reforms.
- A seminar on Regulatory Reform to Improve the Domestic Business Environment was held in Singapore in February. The seminar, which was jointly organised by EC and the Investment Experts Group, provided an opportunity for APEC officials and experts to exchange ideas on how to drive effective regulatory reforms to improve the domestic business environment. During the seminar the World Bank provided an update on the EC-World Bank Study on Measuring the Ease of Doing Business in APEC. This Study was subsequently endorsed by EC in June.
- An APEC Training Course on Corporate Governance was held in Hanoi in July. The training course enabled participants to exchange knowledge on corporate governance systems in APEC economies as well as the current problems faced by members. One of the key messages that came out of the course was that corporate governance as it pertains to major corporations was different from corporate governance in the context of SMEs or micro enterprises.
- The Fifth APEC Training Course on Competition Policy was held in Taipei in August. The topic of the Training Course was "Vertical Restraints and Interrelations between Competition Policy and Consumer Protection Policy."
Current Activities
In collaboration with the Committee on Trade and Investment (CTI), the EC will be contributing to a preliminary list of recommendations on where improvements can be made to trade logistics in the region. This initiative - the Supply Chain Connectivity Initiative (SCI) - arose out of the Joint EC-CTI Trade Policy Dialogue on Trade Logistics which took place in February in Singapore followed by an SCI Symposium held in May.
At its second meeting in Singapore in July (EC2), the EC agreed on a process for carrying out voluntary reviews of institutional frameworks and processes for structural reform, as directed by the SRMM in 2008. It is hoped that an economy will volunteer to be the subject of the first review this year in time for the outcomes of that review to be considered by the EC in 2010.
As instructed by APEC Trade Ministers in July 2009, the EC will be providing its views on the concept of "inclusive growth" in a paper that will be presented to APEC Senior Officials in November. The issue of inclusive growth was discussed at length during a brain-storming session in EC2, and it was agreed that a steering group be established to lead work on the issue. The steering group will also be exploring the possible scope of a post-LAISR structural reform agenda, given that LAISR "expires" in 2010.
During EC2 delegates also discussed the process for carrying out a stock-take of APEC's progress in implementing the LAISR work programme and structural reform in APEC economies. The stock-take would focus attention on what has been achieved on structural reform, and incorporate not only success stories but also lessons learned. The stock-take exercise will draw on the results of a survey of members that will be conducted later this year and on a seminar to be hosted by Japan in 2010.
The EC is also working on a report on the prioritisation of capacity building programmes in the EC. The report will be submitted to the APEC Ministers' Meeting (AMM) in November 2009.
The Budget and Management Committee (BMC) has this year approved a number of EC projects, including a "Workshop on the OECD Principles of Corporate Governance"; and a "Workshop on Improving Public Consultation in the Rulemaking Process". The latter workshop is expected to be held in October 2009. Two additional EC project proposals will be considered by the BMC in October: an "APEC Training Course on Corporate Governance in Small and Medium Sized Enterprises" and a "Workshop on Reducing Start-up and Establishment Time of Businesses."
The EC's 2009 APEC Economic Policy Report, which will focus on the theme of regulatory reform, is currently being finalised and will be presented to APEC Leaders in November.
Economic Committee (EC) - Key Contacts
Chair
Dr Takashi OMORI
Member of Statistical Commission, Japanese Government
Policy Advisor, Cabinet Office
3-1-1 Kasumigaseki
Chiyoda-ku, Tokyo, Japan
Tel: (81 3) 3581 9289
E-mail: takashi.omori@cao.go.jp
APEC Secretariat
Mr Stephen Wong
Director (Program)
E-mail: sw@apec.org
Reviewed on: 18th September 2009