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    The Evolution of APEC and its Role in the Philippine Trade and Investment

    Quimba, Francis Mark A.; Barral, Mark Anthony A. | July 2019
    Abstract
    This paper presents how APEC has evolved as an institution, the changes it undergoes and the challenges it has faced for the past decades. More importantly, this paper tries to enumerate the roles of APEC in positioning the Philippines in the global economy. Established in 1989 in Canberra, Australia, with twelve founding members, APEC desired to promote economic growth, foster and strengthen trade, and improve the living standards in the Region. Started as a simple program for sectoral and trade initiatives, APEC has come to achieve to become the largest are of free trade and investment by 2020. Forged and adopted in Bogor, Indonesia, in 1994, this challenge was known as the Bogor Goals, which aims to achieve long-term free and open trade not later than 2020; in particular, by 2010 for developed economies and by 2020 for developing economies. To ensure the achievement of Bogor Goals, three pillars were created as the main strategies of APEC. The first pillar is the Trade and Investment Liberalization. Through unilateral liberalization, APEC members voluntarily agree to liberalize a particular trade and investment area, including tariffs, non-tariff measures, services, investment, standards and conformance, customs procedures, and intellectual property rights, among others. This is done using the Individual Action Plans (IAPs), prepared by individual economy. The second pillar is Trade Facilitation, which eases and lessens the cost of doing business in the region by facilitating more efficient standards, customs, and other procedures relating to e-commerce, business travel, telecommunications, and government procurement, among others. The last pillar, the Economic and Technical Cooperation (ECOTECH), pertains to the collective actions of APEC to achieve its overall goals of attaining sustainable growth and improving economic and social well-being in the Region. The Trade and Investment Liberalization and Economic and Technical Cooperation were adopted in 1995 in Osaka, Japan, and are collectively known as the Osaka Action Agenda. In 1996, during the Manila Meeting, the Asia Pacific Economic Cooperation Framework for Strengthening Economic Cooperation and Development was adopted to lay down the principles and priorities of ECOTECH. This is known as the Manila Action Plan for APEC (MAPA), which identified six priorities for ECOTECH, including the developing human capital; developing stable, safe and efficient capital markets; strengthening economic infrastructure; harnessing technologies for the future; safeguarding the quality of life through environmentally sound growth; and developing and encouraging the dynamism of small and medium enterprises. The initiatives put forward in APEC help the Philippines stimulate and improve the competitiveness of domestic producers and sectors. It is to the economy’s advantage to utilize these initiatives, backed with the upgrading of domestic facilities to meet global standards and the aligning of domestic regulations. These address behind-the-border barriers that limit the flow of goods and services and expand the coverage of businesses to overseas markets. Trade agreements in APEC also help firms gain access to cheaper inputs and more advanced technologies, which foster competition and increased productivity and growth.
    Citation
    Quimba, Francis Mark A.; Barral, Mark Anthony A.. 2019. The Evolution of APEC and its Role in the Philippine Trade and Investment. © Philippine Institute for Development Studies. http://hdl.handle.net/11540/10583.
    Keywords
    Regionalism
    Regional Economy
    Regional Trading Arrangements
    Regional Trade Integration
    Regional Economic Integration
    Regional Cooperation
    Interregional Cooperation
    Trade Disputes
    Trade Barriers
    Free Trade
    Trade
    Trade Agreements
    Intraregional Trade
    Government Policy
    Regional Organization
    Regional Plans
    Economic integration
    Regional Development Bank
    Preferential tariffs
    International negotiation
    Protectionist measures
    Access to markets
    Economic agreements
    International trade law
    Regional integration
    Trade relations
    Exports
    Economic integration
    Distribution
    Economic integration
    Development Bank
    Trade policy
    Small Business
    Regional economics
    Regional planning
    Regional disparities
    Interregionalism
    Regional economic disparities
    Regional economic blocs
    Industrial arbitration
    Euro
    Inflation
    Business
    Finance
    Free trade
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    Citable URI
    http://hdl.handle.net/11540/10583
    Metadata
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    pidsdps1907.pdf (3.429Mb)
    Author
    Quimba, Francis Mark A.
    Barral, Mark Anthony A.
    Theme
    Regional
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise