APEC SUMMIT INJECTS NEW IMPETUS INTO PAN-PACIFIC GROUPING
Last Updated: 2012-09-10
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An NNN-Xinhua News Analysi by Han Liang & Liu Kai

VLADIVOSTOK, RUSSIA, Sept 10 (NNN-XINHUA) -- Economic leaders of the Asia-Pacific Economic Cooperation (APEC) forum have wrapped up their two-day annual meeting in this Russian Dar East city with a pledge to promote integration and innovative growth.

Against the backdrop of a bumpy recovery of the world economy and a slowdown of emerging markets, APEC economies need to turn words on paper without legal binding into concrete steps, to inject new impetus into growth in the Asia-Pacific Rim and the prosperity of the world as a whole, experts say.

TANGIBLE FRUITS

Under the theme of "Integrate to Grow, Innovate to Prosper", the leaders of the 21 APEC economies agreed that robust international trade, investment and economic integration were key drivers of strong, sustainable and balanced growth.

After a week of intensive negotiations, senior officials, ministers and heads of state and government of the 21-member bloc worked out clear strategies for the region's future, especially on promoting trade and investment liberalization, fostering economic integration, safeguarding food safety, building reliable supply chains and facilitating innovative growth.

As Chinese President Hu Jintao said at the meeting, although the Asia-Pacific region "maintained sound momentum of growth," member economies should not overlook the impact of the ailing world economy on the region and address common challenges together.

Leaders reaffirmed their commitment to strengthening a multilateral trading system, vowing to push forward the Doha Round of global trade talks.

Amid a rising risk of protectionism and continuing uncertainties in the global economy, the APEC economies pledged to refrain until the end of 2015 from raising new barriers to trade and investment, and to not impose new export restrictions or implement measures which are not consistent with World Trade Organization (WTO) rules in all areas.

With regard to regional integration, the leaders recognized the Free Trade Area of the Asia-Pacific (FTAAP) as a major instrument to further APEC's regional economic integration agenda.

Highlighting the importance of establishing reliable supply chains, the leaders agreed to achieve a 10-per cent improvement in supply-chain performance by 2015 in the Asia-Pacific region.

Some industry leaders said the Vladivostok meeting had given positive signals to business circles in the region.

Oleg Deripaska, the chief executive of leading Russian aluminum company United Company Rusal, said APEC had evolved into a forum for pragmatic co-operation in which relevant players "could reach consensus via negotiations and make agreements into actions".

EFFICIENT MECHANISM

Although derogated as "a gathering of waffling" by some, the APEC forum, with a number of clear-cut action plans, had empowered its members to put goals and visions into realities, analysts said.

One major achievement of this year's forum was the adopting of a list of eco-friendly goods for tariff reduction, which was lauded by Russian President Vladimir Putin as an example of the mechanism's flexibility and efficiency.

After several months' hard work by APEC foreign and commerce ministers, member economies on Sunday approved a list of 54 items of environment-friendly goods, whose tariffs would be cut to 5.0 per cent by 2015.

"The same procedure has taken the World Trade Organization over 10 years without a result, while it took the APEC just several months to come up with the list," Putin told reporters after the leaders' meeting. The Russian president admitted it was not easy to come up with the list, without giving details of the goods.

By reaching consensus on the development of green growth, leaders demonstrated their commitment to seek practical, trade-enhancing solutions to global challenges, experts said.

Chinese Commerce Minister Chen Deming praised the hard-to-get approval, saying it showed a "good intention" of cooperation among member economies.

Since its inception in 1989, APEC has helped to reduce barriers and promote integration in the region. Its 21 member economies are home to more than 2.7 billion people and represent about 53 per cent of the world's real gross domextic product (GDP) and 44 per cent of its trade.

As was stressed in the group's principles, to maintain long-term growth and prosperity, APEC members need to strengthen integration on the basis of voluntarism, reach consensus via negotiations, and seek common ground while reserving differences. -- NNN-XINHUA