APEC's Achievements and Challenges Today
"We have a huge asset in place in APEC, and we can continue to build on that", says Professor Peter Drysdale* in his keynote address delivered at a Symposium held in Beppu, Japan on 7 August 2010.
In his address, titled "APEC's Achievements and Challenges Today", Drysdale draws attention to the significance of APEC's establishment and its legacy to date. "APEC signalled the emergence of a new economic and political order in East Asia and the Pacific", says Drysdale, and on trade and economic performance "[APEC] compares more than favourably with NAFTA or the European Union".
According to his research, APEC is seen to have a positive effect both on trade between members, and between members and non-members, and should therefore be appreciated as "a global not just a regional public good".
Drysdale answers the question "What should APEC do now?" by stating that it should go back to basics in the areas in which it has a strong and effective record.
"The bold and continuing goal for APEC is to work towards the establishment of a seamless market, a single economy to all intents and purposes in the Asia-Pacific", says Drysdale. He also highlights APEC's role in the reinforcement of national structural reform agendas - a key regional priority given the importance of structural reform to the achievement of sustainable and balanced growth in the Asia-Pacific.
A central role on the global stage is also posited, with Drysdale recommending that APEC should link its trade reform agenda to that of the G20 and that, "APEC should spearhead delivery on the Doha Round and re-inventing the WTO as the anchor of an open and global economic system".
To hear the full keynote address please click here.
To read the address click here.
* Peter Drysdale is Professor Emeritus at the Crawford School of Economics and Government, The Australian National University. The public Symposium was organised by the Oita Prefecture to precede the APEC Growth Strategy High-Level Policy Roundtable held on 7-8 August 2010 in Beppu, Japan.