ABAC Releases Paper titled "The First Decade Since Bogor: A Business Assessment on APEC's Progress"
Over the past decade, APEC's trade and investment liberalisation accomplishments have helped reduce poverty by one third in the Asia-Pacific region, raising an estimated 165 million people out of poverty, according to a research paper released today by the APEC Business Advisory Council (ABAC).
The paper, "The First Decade Since Bogor: A Business Assessment on APEC's Progress" also notes the creation of 195 million jobs as APEC economies have generated 70% of world economic growth.
The study concludes that APEC's Bogor Goals - free trade and investment in the industrialized economies by 2010 and in developing economies by 2020 - remain relevant and achievable.
The three pillars of APEC are the interrelated areas of liberalisation, facilitation and capacity building. Liberalisation means opening markets, facilitation is making it easier to do business, and capacity building involves making institutions more effective and assure that the benefits of APEC's work are available to all. And these three pillars remain as relevant today as they were in 1994.
The paper observes an important link between liberalisation and building the capacity of the region's institutions, and strongly urges APEC to take strong measures.
"We feel more needs to be done to strengthen capacity building in order to achieve a proper balance between the three pillars." says Dr. Victor Fung, Chairman of the Trade and Investment Liberalisation Working Group.
"Since the establishment of the Bogor Goals, significant events, such as the Asian Financial Crisis, September 11th, the rise of China, the SARS health threat and technological progress have changed the world," says Dr. Victor Fung
"The world has changed since 1994 and therefore we believe it is important to step back to reassess and re-energize APEC's long term mission as we approach the 10th anniversary of the Bogor Goals."
Dr. Viphandh Roengpithya, Chairman of ABAC said, "There are structural imbalances that could have a significant impact on the path to the Bogor Goals. Even though APEC has made considerable progress on liberalisation, issues still remain and we recommend a leadership and concerted measures."
ABAC's Business Assessment, produced through the Trade and Investment Liberalisation Working Group, is a strategic assessment of APEC's achievement since the adoption of the Bogor Goals in 1994. The paper also examines structural shifts and economic setbacks and their implications for these goals.
The attached fact sheet highlights eight key APEC accomplishments and developments since the Bogor Goals declaration.
ABAC is the private-sector arm of the APEC forum, and consists of up to three senior business representatives from each of APEC's 21 member economies. ABAC members are appointed directly by their respective heads of economy to advise APEC Economic Leaders and Ministers from the perspective of regional business.