Business Leaders Call for APEC to Advance Trans-Pacific Trade Agreements
With the possibility of consensus and the Doha Round effectively collapsed, the business community is looking elsewhere for trade solutions. The APEC Business Advisory Council (ABAC), which comprises some of the most successful and most prominent business people from across the Asia-Pacific, has composed a list of recommendations to be presented to APEC Leaders this November.
Regional Economic Integration, which is considered a cornerstone to the future of the Asia-Pacific liberalization process, has been a key issue for APEC in 2008. Specifically, a Free Trade Area for the Asia-Pacific (FTAAP) has been cited as a long-term goal. Until now, however, movement toward this goal has been harnessed by the will to avoid conflict with any agreements that were to have been established by the World Trade Organization.
"The failure of the Doha Round," says ABAC Chair, Juan Francisco Raffo, "is a deep disappointment for the business community. But the suspension of negotiations should be seen as impetus for APEC to proceed without reservation in advancing trans-pacific regional integration."
This is not to say that APEC has withdrawn its support of WTO negotiations. APEC 2008 Chair, Gonzalo Gutierrez is careful to note that, "It is too soon to know what governments will or should do about the Doha Round."
Accordingly, ABAC maintains its support of efforts to secure a balanced agreement in Doha negotiations and recommends that Leaders support the accession of Russia to the WTO.
In terms of promoting long-term growth in member economies, however, consensus is that APEC Ministers should accelerate Asia-Pacific trade agreements by exploring all options and measures toward the free flow of goods, services and capital within the region.
While various alternative approaches are being considered, consensus is unanimous that "a stronger, fully committed and free trade oriented APEC is the best contribution we can make to the WTO under the current situation."