Charting a path to sustainable growth and equitable development
“APEC is taking concrete steps toward the realization of a Free Trade Area of the Asia-Pacific by making an important and meaningful contribution as an incubator for leadership and ideas,” said APEC Secretariat Executive Director Ambassador Muhamad Noor.
He delivered the remarks to members of the business community, public sector and academia in Singapore at a conference organized by the Pacific Economic Cooperation Council. Participants gathered to discuss ways to address emerging challenges in the region.
Ambassador Noor revealed that the APEC region is expected to outperform global growth over the next two years.
“According to the recent IMF World Economic Outlook released last week, the global economy is forecast to grow by 3.5 percent in 2012 and 4.1 percent in 2013 while real GDP in the APEC region is projected to grow by 4.3% in 2012 and 4.7% in 2013 – higher than the forecast for world growth.”
“Economic growth in APEC is forecast to grow faster in 2012 compared to the previous year, partly reflecting the recovery process from natural disasters that struck the region in 2011”.
APEC is defining, shaping, and addressing "next generation" trade and investment issues – such as SME participation, supply chain improvements and innovation – that an FTAAP should contain.
“APEC economies emphasize the strategic importance of regional economic integration and cooperation as a way to achieve sustainable growth and equitable development in the Asia-Pacific,” explained Noor.”
“These roots lie in APEC’s original agenda to support the multilateral trading system.”
Despite the absence of a formal agreement, APEC economies are more likely to export and import with members than non-members, found a study conducted by the APEC Policy Support Unit.
“Already, the impact of APEC membership on trade among members is comparable to a free trade agreement, even though APEC members are not bound by formal rules or trade treaties,” Noor explained.
In addition to lowering tariffs, significant progress has been made in reducing non-tariff barriers, and increasing trade facilitation in the region.
“Member economies have taken concerted action and progressed in a wide array of economic, trade, investment and social areas,” concluded Ambassador Noor. “Despite these achievements, APEC’s continued efforts on regional economic integration remain especially important under the current difficult economic situation.
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