APEC to seek high-quality growth with more jobs, structural reform+

BEPPU, Japan, Aug. 8 Kyodo -
Pacific Rim economies agreed at a high-level meeting Sunday on the need to
improve the region's ''quality of growth'' through a growth strategy to
encourage job creation, the development of smaller businesses and structural
reforms.
The 21-member Asia-Pacific Economic Cooperation forum, which held a two-day
meeting from Saturday to specifically discuss the envisioned long-term
comprehensive strategy, also reached a consensus to report on the progress of
the strategy's implementation in 2015.
''As the world's leading growth center, the APEC region has a great
responsibility for the future course of the global economy...APEC should
contribute to improving the quality of growth in the global economy,'' said the
chair's statement issued at the end of the APEC Growth Strategy High-Level
Policy Round Table in Oita Prefecture, southwestern Japan.
Compiling a growth strategy, the first such initiative for the forum since its
launch in 1989, is expected to be one of the key outcomes of the annual APEC
leaders' summit to be held in Yokohama in November.
As it was the first time for APEC to hold a ministerial-level meeting focused
on the issue, participants hailed the event in the hot spring resort city of
Beppu as a ''landmark.'' But there appears to be a long road ahead for the
economically diverse members of the forum to reach a consensus in working out
the specifics of the strategy.
While the participants reaffirmed the need for creating action plans to ensure
the implementation of the strategy, the statement did not refer to specific
indicators that would help gauge progress.
Japan's Economy, Trade and Industry Minister Masayuki Naoshima, who jointly
chaired the meeting with national policy minister Satoshi Arai, told reporters
after the meeting that it would take ''some time'' to create concrete
assessment criteria.
''For example, when you look at the social insurance system, there are big
differences in demographic structures and economic and social situations (among
the member economies),'' he said.
The two-day talks were centered on the five aspects of growth that APEC plans
to achieve, namely ''balanced, inclusive, sustainable, innovative and secure''
growth.
As for inclusive growth that would allow all citizens to have the opportunity
to thrive in the global market economy, the participants affirmed the need to
promote job creation, the development of small- and medium-sized enterprises
and entrepreneurship, and new economic opportunities for women.
The statement also referred to the protection of intellectual property rights
to contribute to innovative growth, while noting that APEC should implement
structural reforms and complement the efforts of the Group of 20 major
developed and emerging economies in pursuing balanced growth in the region.
The idea of formulating a regional growth strategy came against the backdrop of
the global financial crisis triggered in 2008, which showed that market
mechanisms alone would not result in desired growth in the Asia-Pacific region,
according to Japanese officials.
The region also needs to address issues such as opportunity disparities within
and between economies as APEC continues to promote free and open trade, as well
as regional economic integration.
APEC, which accounts for more than half of the world's economic output and 44
percent of its trade by value, includes among its members Australia, China,
Japan, Peru, Russia, South Korea, Taiwan, the United States, and seven members
of the Association of Southeast Asian Nations.
Some experts say Asian growth, which is heavily reliant on exports, is one
factor causing global trade imbalances, stressing the importance of expanding
domestic consumption such as through infrastructure development and by boosting
consumer demand.
Naoshima told reporters that he felt through the discussions that Asian
countries are especially hoping to shift to domestic demand-led growth from the
viewpoint of enhancing people's living standards.
Japan assumed the rotating chair of the forum this year for the first time
since 1995 and is hosting a series of meetings nationwide.
==Kyodo
2010-08-08 21:45:10