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 2020

Current Activities

The EC supports APEC priorities by working on the implementation of the five-year Renewed APEC Agenda for Structural Reform (RAASR) mandate, endorsed by the Structural Reform Ministerial Meeting (SRMM) held in Cebu, Philippines, in September 2015. In August 2018, the High-Level Structural Reform Officials’ Meeting produced 10 structural reform priorities and gaps to fill as a list of potential activities for the EC to focus on until 2020.

The latest meeting of the EC took place virtually on 13–14 August 2020 with an additional virtual informal EC meeting on 28 October 2020.The meetings discussed the new structural reform agenda for EC that will replace RAASR, structural reform and the future of work, ease of business, while also having a discussion on post-COVID-19 economic recovery and economic resilience.

This year, the work of the EC is focused on preparations for the Structural Reform Ministerial Meeting, which is scheduled to take place virtually in the middle of 2021. The ministerial meeting, which is held every five years, will further APEC’s structural reform efforts.

The EC’s annual economic policy reports can be accessed below. 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).