Australia And APEC Essay Research Paper Economics

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 advantage

· ^1996 data

Source: http://www.aph.gov.au/library/pubs/cib/1998-99/c99cib05.htm

Australia.s applied simple tariff has fallen from 15.6% in 1998 to 6.1% in 1996 and will reduce further to

4.5% by the year 2000. Australia is also hoping to have tariffs reduced to zero in numerous sectors of our

economy by the year 2000.

Sectors Selected for Early Voluntary Sectoral Liberalism

SectorEVSL Proposal

ToysProgressive reduction to zero of tariffs on toys, preferably by 2000. Elimination of unjustified non-tariff barriers. Economic and technical cooperation

Gems and jewelryElimination of trade-restrictive measures on these products (phased out by 2005), which include pearls, diamonds, silver, gold, platinum, jewelry, goldsmiths. and silversmiths. wares.

Environmental Goods and ServicesElimination of tariffs by 2003 on environmental goods and liberalization of environmental servi

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