For many countries in the global landscape, its economical situation could very well be one of the main concerns which can be duly given enough priority by the federal government. The economical situation of a certain nation is highly indicative of the country's performance as well as the state of living of its citizens. It is therefore a significant concern among national governments to protect the best interest with their domestic economy, as well as local business, in the objective if having the ability to set up a successful nation. With this, it is important for many countries to be proud of many globally operating organizations and economical councils that will not only help them foster an improved trading and economical relationship with other nations but will also help them establish global presence. Among such groups could be the APEC or the Asia Pacific Economic Cooperation.
In this research paper, the researcher seeks to look at the APEC generally while being able to provide its background and what it does to be able to help increase the economical condition of its member countries. Moreover, the research will examine some of the issues in APEC and exactly how such were overcome through the policies and suggestions from the said financial body. The impact of APEC on its member countries will also be examined to be able to provide proof its significant efficiency. This research would generally seek to discuss the role of APEC in assisting its member countries establish a more sustainable and stable economic situation.
WHAT IS APEC?
The Asia Pacific Economic Forum or APEC is a premiere forum which is mostly responsible for facilitating monetary growth, cooperation, trade, and investment around the Asia Pacific. It had been established to promote economic integration about the Pacific Rim and with the goal of having the ability to sustain economical growth especially among its 21 member nations. The members of APEC are Australia, Brunei, Canada, Chile, Hong Kong China, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Philippines, Peru, Republic of Korea, Russia, Singapore, Chinese Taipei, Thailand, United States, and Vietnam. An open trade and the establishment of closer monetary relation are on the list of priorities of each member countries in the APEC. Being the principal vehicle in your community to have the ability to promote trade, investment, and economic cooperation, it is expected that APEC will be able to generate favorable circumstances and activities such as increased occupations and the development of the local community. Since its inception in 1989 to this current time, APEC has initiated various monetary activities which resulted into better business among local nations including the implementation of reduced tariffs.
The APEC is very significant in the global economy primarily because its members, collectively, are acknowledged for being drivers of the growth of the global economy. The individual economic performance of the Parts of asia and members of APEC are all seen to own made significant contributions in the success of the international economic situation. Another reason on why APEC is seen to be very significant in the global trading is basically because its member economies are representative of around 42% of the world's population although it occupies 43% of the world's total land area.
APEC ALONG WITH THE WTO
Both the APEC and the WTO have been active and demonstrated success in their goals to be able to assist in the improvement of the performance of domestic economies when you are in a position to facilitate trading and other financial activities. Both have played active and significant roles in being able to liberalize trading. While the WTO can promote trade liberalization over a multilateral level, a similar thing was done by APEC, only it covers only the regional level. This is basically because the nature of the said economic cooperation is limited when it comes to membership size and monetary significance.
Although the two organizations both have the same goal to be able to liberalize trade, they may have completely different approaches on how to attain such goals. This makes the WTO to be looked at as the locus of negotiations and rule-making as the APEC is recognized as the consultative body. the rules of the WTO are absolute and applicable all the members of the group as the APEC is more available to dialogue which is basically voluntary in conditions of participation in their financial and trading provisions and other executions or strategic actions.
THE STRATEGIC ROADMAP
To have the ability to effectively reach its goals and also to have the ability to help its member countries build a better domestic economy, APEC has generated a framework which serves as its roadmap towards reaching success in its functions. The following are the essential principles which are dinetified in the said roadmap: non-discrimination; comprehensiveness; simultaneous start, continuous process, and differentiated timetables; comparability; standstill; transparency; consistency with the earth Trade Organization; flexibility; and cooperation.
Based on these major principles, APEC is seen to operate based on commitments that happen to be assume to be non-binding, facilitates open dialogue, and practices equal respect fro the views of its member nations or participating countries. The strategic roadmap of APEC is influenced by the initiatives of its member countries like three of the world's most dynamic economies, along with the tiger economies of the Asian continent.
The goals of APEC are expected to be achieved by having a balanced program of: liberalization to have the ability to dismantle the barriers towards international financial transactions; being able to facilitate investment and trade to effectively reduce divergences which are not needed for domestic policies that happen to be highly influential of international trade; technical cooperation which permits its members to share information as well as skills which must improve the efficiency and option of regional infrastructure; and coordination of monetary policies to have the ability to help reduce risks or uncertainties throughout the market.
The succeeding portion of this research will provide a discussion on some of the initiatives of the monetary organization over time since its inception. Through the annual conventions of the member countries, strategies and new goals are organized in which the members perpetually work for its achievement. Some of these things will be briefly discussed in the next paragraphs in the purpose of the researcher to provide some of the initiatives of APEC on the establishment of a more sustainable economy and nation.
The Blake Island Economic Vision
In the year 1993, financial leaders from the member countries of APEC gathered in Seattle to be able to discuss the ongoing monetary condition and measures in which such problems could be given resolution for the longer term. During this forum in Seattle, the major problems which were identified include erosion of multilateral global trading system, rise of inward-looking regionalism, and fragmentation within the Asia Pacific. During this convention, a proposition was made to change the meaning of APEC to Asia Pacific Economic Community but it had not been approved for such was not deemed appropriate. Furthermore, $2 million was also released to fund the activities of the organization in the following year.
The leaders, who attended the meeting from APEC member countries, presented "The Blake Island Economic Vision". The vision which they created is reflective of how they see the following years would be. The vision that your leaders created presented a demand an Asia Pacific which is often able to fully harness, utilize, and maximize its diverse economies while being able to have strengthened cooperation and promoting prosperity. Another achievement of APEC in the same year is the initiative to push for the creation of the Pacific Business Forum and the APEC Education Program.
The Osaka Action Agenda
The Osaka Action Agenda presents two components of how APEC member countries seek to improve its economical condition and sustainability: trade liberalization and facilitation and economic and technical co-operation. The trade liberalization and facilitation seeks to discus fifteen key areas which are seen to be vital in the financial activities of the member nations. Included in these are: tariffs, overview of non-tariff measures, investment, procedural custom activities, rights regarding intellectual property, services, purchasing from the national government, policies affecting the competitive environment, conformance with standards, rules of origin, deregulation, implementation of the results of Uruguay Round, mobility of folks in business, mediation between disputes and conflicts, gathering of information and analysis. Furthermore, the monetary and technical co-operation covers thirteen areas including: small and medium scale enterprises, the development of human resource, industrial science and technology, transportation, tourism, energy, information and telecommunication, infrastructure of the local economy, promotion of trade, information about investment and trade, fisheries, agricultural technology, and conservation of the marine resource.
Manila Action Plan for APEC
A year after the Osaka Action Agenda was organized, APEC determined the Manila Action Plan for APEC or MAPA which included individual and collective action plans that could be able to help to bring the Bogor goals into reality. The individual action plans of the member countries were compiled to have the ability to help the group stipulate measures which would be necessary to be undertaken to bring into likelihood the achievement of free and open trading by 2010 or 2020. Moreover, it was also during the same APEC conference were the members have recognized high priority issues which need their immediate attention for resolution to help sustain their monetary conditions. These areas include developing human capital; fostering safe and efficient capital markets; strengthening the financial infrastructure; harnessing technologies of the future; promoting growth and improvement which is environmentally sustainable; and encouraging the prosperity of small and medium scale enterprises that happen to be significant in the collective growth of the member countries and of the spot in general.
Sustaining Growth, Connecting the Region
The APEC Summit that was held in Singapore in '09 2009 marked the two decades of the organization in pursuit of its objectives. During the summit, the member countries have acknowledged the actual fact that many things have changed since the inception of APEC although the business still remains in its pursuit of supporting the growth and monetary prosperity in the Asia Pacific region through various trading and economical activities such as free and open trade and investments. It ahs been recognized that the robust policies of the business have helped its member countries to recover from the financial meltdown and financial downturn which hit the global economy. It ahs also been identified that responding to food security is a top priority the year prior to the summit as evident by the calamities which struck its members. During the summit, the leaders also stressed the need to fight corruption, improve governance and implement transparency. These things have emerged to be contributory to the improvement of domestic economies in the Pacific Rim.
In spite the contributions of APEC to the economical development and sustainability of the Pacific Rim, additionally it is confronted by a number of challenges. This demands continued initiatives to be able to improve the economic situation and to be able to help the organization set up a brighter economic condition in the future. Among the challenges identified to confront the organization is how it will manage globalization as such is seen to have a significant influence on its member countries. The organization is also facing the task of how it'll be in a position to effectively manage regional and bilateral free trade agreements which is very critical in the trading activities of member countries.
Another challenge which should be overcome by APEC is its initiative to be able to create a free and open trading to its region. Until now, efforts to be able to help achieve such objective are seen to get remained ill defined. There is a dependence on APEC to understand that it needs modifications with regards to agenda-setting mechanism and procedures. The business would need to set it eyes towards goals for the longer years and bring the goals into reality including the achievement of free trade.
This year, APEC faces a greater challenge as the deadline is already set for the achievement of the Bogor goals, which is the establishment of free trade. This is apart from other challenges that may confront the business in succeeding years like the threat from protectionism and lack of trust on financial institutions. To have the ability to get over the financial meltdown which hit the economy in the last years, there is a great challenge not and then attract dynamic investments to boost the economic situation on the Pacific but also to bring back the trust into institutions of finance. By this way, it is acknowledged that an improved business will be coming. Furthermore, the member countries are also challenged to be able to improve its current standings on the globe Bank's Simple CONDUCTING BUSINESS Index. Through this, it is anticipated that more investments comes into play as a means of bettering financial condition. Several APEC economies are already contained in the top five an din the most notable twenty of the list which really is a very good sign of the fruitful years to come for the spot. Challenging is also posed to address the growing disparities between your urban and rural regions especially with regards to levels of education, social inclusion, and healthcare provision.
This research does not disregard the importance of the WTO in the trading relationships and search for the improvement of the economical situation in the Asia Pacific. However, it necessitates the importance of the role which was assumed by APEC to be able to help enhance the condition of its member nations. Since its inception in 1989, the business has helped determined measures on how to attain greater financial visibility and improved domestic performance through free and open trade and investments among another factors. Nonetheless, two decades after its establishment, the business still remains to be challenged by the uncertainties of the financial situation. In the next years, it is expected that the increased need for the role of the organization, along with WTO, could be more significant in the achievement of prosperity in the Asia Pacific.
APEC has signaled the growth of a new political and financial order in the Asia Pacific region over time. However, the uncertainties in the monetary situation made it harder for the organization to attain its goals and work its way towards prosperity and improvement of the status quo. The organization has also demonstrated results not only on member nations but also towards non-member countries. The perpetual goal of APEC still remains to be the possibility of being able to establish a seamless market or a single economy for the advantage of the Asia Pacific. The business remains true to its commitment of helping countries be able to establish a more sustainable and economical condition. Over time, the business is left with shoes to fill and expectations to satisfy on its ability to bring a free and open trading and attract investments in your community in order to trigger financial activity and condition on individual member countries and the Pacific Rim in general.
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