(EDITORIAL from the Korea Herald on Nov. 17) - Assessing APEC

President Lee Myung-bak has just returned home from the 2009 APEC summit in
Singapore after an impressive photo session with Asia-Pacific leaders in the
host's traditional costume.
At the meeting, President Lee said he would act as a bridge between APEC and the
G20 as next year's chair of the group of the world's bigger economies. He
stressed that developed nations should listen to what developing and emerging
countries have to say and that APEC should be instrumental in implementing the
G20 agreements on global coordination in crisis exit policies and the prevention
of trade protectionism.
Lee made a significant contribution to the conference of 21 heads of government
as quite a few points of emphasis in his remarks were reflected in the final
statement of the two-day summit. Among them was his push for establishing a Free
Trade Area of Asia-Pacific which was jointly studied by Korea, Australia and New
Zealand. His "inclusive growth strategy" to provide the vulnerable sectors with
better economic opportunities was recognized as a model of balanced growth.
The APEC Leaders Statement charted a "new growth paradigm" which envisaged
"balanced, inclusive and sustainable" growth to ensure a durable recovery that
will create jobs and benefit the region's large population. For inclusive growth,
"we will help small and medium enterprises and women entrepreneurs gain better
access to global markets and finance," the statement said.
The 3,000-word summary of the annual summit covered a variety of issues raised in
the talks. They included an early conclusion of the Doha Development Agenda
negotiations under the World Trade Organization, resisting protectionism,
fighting corruption and accelerating regional economic integration - through
achieving the 1994 declaration in Bogor, Indonesia. Finally, the statement
emphasized the task of revitalizing APEC.
Among the above agenda, strengthening APEC must be the most important topic
should its members agree that it is a worthy forum of the vast Pacific basin
nations. Two decades after it was formed, APEC has yet to clearly define its
function and prove its usefulness. The Leaders' Statement exhibited strenuous
preparation by the APEC secretariat in Singapore - which will now have an
executive director for the first time - but it contained few substantial
agreements - and little review of achievement.
As for the Bogor goals aiming at free and open trade and investment by 2010 for
industrialized economies and by 2020 for developing nations, the 2009 APEC summit
directed ministers to report next year with an assessment of how industrialized
APEC members have approached those goals. Since Bogor, this region has undergone
two devastating economic crises and APEC should by now acknowledge that the goals
set up 15 years ago have very little meaning under the current environment of
bilateral and multilateral free trade agreements.
Within APEC, a study on the Free Trade Area of Asia Pacific is in progress,
seeing significant economic benefits from such a regional arrangement. The APEC
leaders again asked ministers and officials to make a report next year on the
possible pathways to achieve FTAAP. A question is raised as to how this process
can fit into the Bogor goals.
Upon its inauguration in Canberra in 1989, APEC aimed to facilitate "economic
growth, cooperation, trade and investment in the Asia-Pacific region." Yet, we
are not sure how responsive and effective APEC is as a "premier forum for
economic cooperation." And we hope President Lee would still find his attendance
at the 2009 APEC Summit was worth his absence from Cheong Wa Dae.
(END)