Australia And APEC Essay Research Paper Economics

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Australia And APEC Essay, Research Paper Economics assignment: APEC When the ?Asian-Pacific Economic Cooperation? (APEC) was established in 1989 in response to the growing interdependence among Asia-Pacific economies, its goal was to advance Asia-Pacific economic dynamism and sense of community. When the cooperation was established, there were 12 founding member economies, namely Australia, Brunei Darussalam, Canada, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Republic of the Philippines, Singapore, Thailand and the United States. Since then there has been more countries/economies joining APEC. APEC has come a long way since 1989. It has built steadily on the efforts of the past and looks forward to further positive progress. The initial years of APEC were

focused largely on exchange of views and project based initiatives. As needs of the member economies has evolved into a forum of higher purpose: to build the Asia-Pacific community through achieving economic growth and development through trade and economic cooperation. In the Osaka meeting in 1994, APEC leaders adopted the Osaka Action Agenda, which firmly established three pillars of APEC activities: Trade and investment liberalization, business facilitation and economic-technical cooperation. Its main objective is to develop a region-wide, free trade and investment regime by the year 2000. APEC operates by consensus. In 1991, members committed themselves to conducting their activities and work programs on the basis of open dialogue with equal respect for the views of all

participants. The APEC chair, which rotates annually among members, is responsible for hosting the annual ministerial meeting of foreign and economic ministers. At the 1989 Canberra Ministerial Meeting, it was agreed that it would be appropriate that every alternative ministerial meeting be held in an ASEAN economy/country. Senior Official Meeting (SOM) are held regularly prior to every ministerial meeting. APEC senior officials make recommendations to the ministers and carry out their decisions. They oversee and coordinate, with approval from Ministers, the budgets and work programs of the APEC for a. Mr. Fischer, Deputy Prime Minister and Minister for Trade, said Australia?s IAP (Individual Action Plan) would address the main trade liberalization issues of tariffs, non-

tariffs, investment and services, although the 1996 IAP would not pre-judge the outcomes of the existing and previously announced reviews into the passenger motor vehicle, textile clothing and footwear and sugar sectors. Other elements of the IAP deal wit the important trade facilitation issues such as standards and customs procedures, intellectual property rights, competition policy, and mobility of business people and deregulation. ?Australia?s plan is fully consistent with the general principals of the Osaka Action Agenda agreed by that leaders in November 1995, including comprehensives,? Mr. Fischer said. ?Australia?s done a great deal to liberalize our market consistent with APEC goals, and we expect others to match our record. The government will pursue vigorously

Australian trade and investment priorities within APEC,? Mr. Fischer stated. Australia?s IAP address the objectives and guidelines of the Osaka Action Plan in a comprehensive manner: Tariffs Australia?s IAP includes reduction in applied tariffs to the year 2000. Table: Tariff Reductions in the APEC region Simple Average Applied Tariff 198819931997 Australia *15.67.05.3 Brunei3.93.92.0 Canada (*)3.72.41.3^ Chile19.91111 China39.537.517 Hong Kong000 Indonesia18.11711.7 Japan *4.33.44.6 Korea19.211.67.9^ Malaysia13.612.87.8^ Mexico *10.512.69.8^ New Zealand14.98.55.2 PNGNANA23^ Philippines27.923.512.1 Singapore0.30.40 Chinese Taipei12.68.98.6 Thailand31.237.817 United States (*)4.24.23.4^ Note: Does not include calculation of non-ad valorum tariffs  Indicates trade-weighted