Economic Committee

In 2004, APEC Leaders endorsed an ambitious work program called the Leaders' Agenda to Implement Structural Reform (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.

Building on the work in these five areas, APEC's structural reform agenda was expanded beyond the LAISR's priority areas through the APEC New Strategy for Structural Reform (ANSSR) initiative, launched in 2010. In 2015, APEC Ministers endorsed a Renewed APEC Agenda for Structural Reform (RAASR), which will guide APEC’s work on structural reform until the end of 2020.

The RAASR aims for a robust, comprehensive and ambitious structural reform agenda to reduce inequality and stimulate growth in APEC economies, and contribute to APEC’s overarching goal to promote balanced, inclusive, sustainable, innovative and secure growth, through measures in line with the following three pillars:

  1. More open, well-functioning, transparent and competitive markets;
  2. Deeper participation in those markets by all segments of society, including MSMEs, women, youth, older workers and people with disabilities;
  3. Sustainable social policies that promote the above-mentioned objectives, enhance economic resiliency, and are well-targeted, effective and non‑discriminatory.

The EC was established in 1994 and meets twice a year. The EC also works closely with other relevant APEC fora including the Competition Policy and Law Groupthe Committee on Trade and InvestmentFinance Ministers’ Process and Policy Partnership on Women and the Economy.

Last page update: March 2021

Current Activities

The EC supports APEC priorities by working on the implementation of the five-year Renewed APEC Agenda for Structural Reform (RAASR) 2015-2020, endorsed by the Structural Reform Ministerial Meeting (SRMM) held in Cebu, Philippines, in September 2015.  

The next Structural Reform Ministerial Meeting, is scheduled to take place virtually in June 2021, hosted by New Zealand. The ministerial meeting, which is held every five years, will further APEC’s structural reform efforts, and develop APEC’s next five-year structural reform program.

The latest meeting of the EC took place virtually on 4-5 March 2021.EC members discussed the new structural reform agenda that will replace RAASR. They also discussed structural reform and the future of work, ease of business, online dispute resolution,  post-COVID-19 economic recovery and economic resilience, as well as preparations for the upcoming Structural Reform Ministerial Meeting.

The EC’s annual economic policy reports can be accessed here. Currently, the EC is working on the APEC Economic Policy Report on Structural Reform and the Future of Work, which will be produced in time for presentation at the APEC Economic Leaders’ Meeting in November 2021.

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Achievements

Economic Committee

Since 2004, APEC’s structural reform agenda has made a strong contribution to efforts to reduce behind-the-border barriers and promote balanced, inclusive and sustainable growth in the region. The agenda is fleshed out through the Leaders’ Agenda to Implement Structural Reform (LAISR) as well as the subsequent APEC New Strategy for Structural Reform (ANSSR) and Renewed APEC Agenda for Structural Reform (RAASR).