Australia And APEC
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Australia And 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 foot...
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