Measures to boost Apec trade proposed
BORACAY, Philippines—Senior officials from the 21 member nations of the Asia Pacific Economic Cooperation (Apec) bloc are looking at new policy actions to boost the sluggish trade and growth in Asia-Pacific economies.
Such policies are said to be geared towards strengthening regional economic integration and lowering barriers to trade and flow of goods, services, people and capital, the Apec said in a statement.
Officials at the Apec Senior Officials Meeting (SOM), which concluded Thursday, are likewise working out the details of a proposed collective strategic study on the realization of a Free Trade Area of the Asia Pacific (FTAAP), which is expected to build on the liberalization gains in the region, possibly on the ongoing negotiations for the Trans Pacific Partnership (TPP) and Regional Comprehensive Economic Partnership (RCEP).
RCEP refers to a bigger free trade agreement being negotiated among the 10 member states of the Asean and its six trading partners namely Japan, China, Korea, Australia, New Zealand and India, while the TPP—deemed as the country’s only chance to a have bilateral partnership with the United States—is a trade agreement among 12 nations in a bid to lower trade barriers among participating countries and to strengthen patent protection, among others.
Senior officials are reportedly working on the formulation of the terms of reference, led by China and the United States, that will set the course of the study due for review by Apec leaders in 2016.
Under development meanwhile is a new virtual Apec Trade Repository that increases the transparency of member economy trade policy in areas such as export duties and licensing, and can help all businesses and policymakers navigate the trading landscape.
The Apec statement further read that new policy frameworks on services cooperation and addressing skills and labor gaps are also being engineered to facilitate structural reform that lowers trade and investment barriers in services sectors; widens openings for small firms to participate in the global production and supply chains; and drive entrepreneurship.
