(VOVWORLD) - Over the past two decades, APEC has gained significant achievements in trade and investment liberalization. Amid emerging global challenges and increasing protectionism, APEC economies are being urged to work harder to realize the Bogor Goals.
When APEC leaders met in Bogor, Indonesia in 1994, they pledged to achieve free and open trade and investment by 2010 for developed economies and by 2020 for developing economies. APEC members agreed to pursue these goals, known as “Bogor Goals”, by reducing barriers to trade and investment and by promoting the free flow of goods, services and capital.
Impressive trade liberalization
The 2016 Second-Term Review of APEC’s Progress towards the Bogor Goals analyzes the progress made by the APEC region and individual APEC economies in terms of trade and investment liberalization and business facilitation. In general, the review showed that APEC’s trade and investment performance expanded greatly over the past two decades. Also, APEC has made good progress in economic growth and social outcomes, making Asia Pacific one of the world’s most active regions and contributing to regional prosperity and poverty reduction while creating more jobs.
"Many trade barriers and tariffs have been removed and certain standards have been incorporated or renewed. Technical cooperative programs have facilitated regional economic integration and connectivity, leading to the formation of supply and production chains to better connect businesses.", said Tran Viet Thai, Director of the APEC Study Center.
APEC extensive trade liberalization is also reflected in the growing number of free trade agreements (FTA) and regional trade agreements (RTA), from 22 to 152 over the past decade.
APEC 2017: gearing up to realize Bogor Goals
APEC members face numerous obstacles to realizing the Bogor Goals in the next 3 years. It’s a much different global economy now than when the Bogor Goals were set.
“Speeding up realization of the Bogor Goals” is one of the highest priorities on the APEC 2017 agenda. As host of the event, Vietnam is stepping up efforts to address pending issues and connecting APEC members to speed up realization of the Bogor Goals in 2020. Ken Waller, former Director of the Australian APEC Study Center, shared his opinion: “I think Vietnam has done a wonderful job. The agenda that has been provided by Vietnam for APEC has been very clear, very relevant to all the economies. Your Chairman and his group of APEC have done a wonderful job in 2017.”
APEC 2017’s theme "Creating New Dynamism, Fostering a Shared Future," is reflected in its agenda, which promotes sustainable, innovative and inclusive growth, according to Don Campbell, Chair of the Pacific Economic Cooperation Council: "We need to look at that issue of growth from inclusive point of view. We also need to make sure looking in the 21st century that growth is sustainable so that means we have to be very cautious of the environment, climate change and we have to achieve that growth as we’re doing in a way that benefits. We don’t know what the future will be, obviously because who could have foreseen that we would have had the Asia Pacific Region today, the dramatic growth in countries like Vietnam, China, Indonesia, very dramatic developments. And we’re going to see dramatic developments in the next 20 or 30 years as well."