APEC faces âpoliticalâ obstacles to free trade area, Lee says
Published: 14/11/2009 05:00
The Asia-Pacific Economic Cooperation group faces âpoliticalâ hurdles in its vision to form a region-wide free trade area, Singapore Prime Minister Lee Hsien Loong said. | |||||||
The 21 APEC economies will step up efforts to achieve their âlong-termâ goal for the Free Trade Area of the Asia- Pacific, or FTAAP, leaders including Chinaâs Hu Jintao and Japanâs Yukio Hatoyama said in discussions in Singapore Friday. US President Barack Obama, who arrived in Singapore last night, will meet his counterparts Sunday. âPolitical conditions need to be right before negotiations for a region-wide FTAAP could be launched,â according to a summary of Leeâs comments as he chaired the two- day gathering Friday. âThere was consensus among the leaders that APEC economies should step up their efforts to realize this vision, by laying the necessary building blocks and exploring possible pathways.â Obama on Friday said the US will enter into discussions with countries that are part of the Trans-Pacific Strategic Economic Partnership Agreement, or TPP, with the aim of broadening its base. Several APEC leaders said the TPP is a âpossible pathwayâ toward achieving the long-term goal of a free trade area, the Singapore government statement said. Australia, Peru and Vietnam are among the other APEC member economies that are interested in joining the Trans-Pacific Partnership. Signatories to the 2005 agreement include Singapore, New Zealand, Brunei and Chile. Falling behind APEC is already falling behind on some goals even as it strives for other agreements. Members in 1994 signed the so-called Bogor Declaration, pledging to create free and open trade in the groupâs developed economies by 2010 and in its emerging economies by 2020. APECâs developed members should adhere to the groupâs goal for free trade by next year, Chinese Commerce Minister Chen Deming said Nov. 13. Japanâs Hatoyama Friday said developed APEC economies must assess their progress in meeting their trade goals in 2010. Leaders have differing visions for the Asia Pacific. The region needs an economic and political grouping, Australian Prime Minister Kevin Rudd said Friday, calling for an Asia- Pacific Community by 2020 that includes the US and India. Japan has suggested an âEast Asian Community,â whose membership has yet to be determined. Reject protectionism Finance ministers this week âreaffirmed their commitmentâ to achieve the APEC Bogor goals by the timelines that were already set. Singaporeâs Lee said Nov. 3 that next yearâs target is not likely to be met. The leaders on Friday also pledged to âreject all forms of protectionismâ as they urged for a conclusion to the World Trade Organizationâs eight-year-old Doha Round of talks by the end of 2010. âThere was a sense of urgency that as negotiations moved into the end-game, strong political will was critical to break the impasse,â according to the statement. APEC also needs to focus on areas like regulatory reform and connectivity, the leaders said. Some heads of state suggested increasing regional connectivity by improving land, air and sea transport linkages. Source: Bloomberg |
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