Apec leaders forge agreement toward ‘seamless regional economy’

HONOLULU—Leaders of member-economies of the Asia Pacific Economic Conference have agreed to strengthen regional economic integration, promote a global low-carbon economy and eliminate burdensome and outdated regulations in doing business to achieve a seamless regional economy.

The leaders, including President Aquino and host US President Barrack Obama, reached the agreement following the 19th Apec Leaders’ Meeting over the weekend here.

The summit came amid uncertainty, weakened growth and job creation in the global economy.

“We come together in Apec to pursue these goals, recognizing that trade and investment are critical to job creation and greater economic prosperity for all our economies,” the leaders said in what is now called the Honolulu declaration “towards a seamless regional economy.”

“We further recognize that strengthening regional economic integration also plays a key role in promoting regional peace and stability,” the statement read.

The leaders committed to advance a set of policies to promote effective, non-discriminatory and market-driven innovation policy to set a model for innovation in the region as the best way to come up with changes that will increase productivity and ensure economic growth.

“We also decided on areas of cooperation that could be included in our trade agreements to enhance the participation of small and medium-sized enterprises in global production chains,” the statement said.

In promoting “green growth objectives,” the leaders agreed that economies will work in 2012 to develop an Apec list of environmental goods that contribute to our green growth and sustainable development objectives.

The leaders resolved to reduce by the end of 2015 their economies’ applied tariff rates on such goods to five percent or less “taking into account economies economic circumstances, without prejudice to Apec economies positions in the WTO.”

“Economies will also eliminate non-tariff barriers, including local content requirements that will distort environmental goods and services trade,” the statement read.

The leaders also agreed to phase out inefficient fossil fuel subsidies that encourage wasteful consumption, “while recognizing the importance of providing those in need with essential energy services.”

They also agreed to reduce Apec’s aggregate energy intensity by 45 percent in 2035; promote energy efficiency by taking steps in support of energy-smart, low-carbon communities; incorporate low-emissions development strategies into the economic growth plans; and work to implement appropriate measures to prohibit trade in illegally harvested forest products.

In the field of regulatory convergence, the leaders agreed to take specific steps by 2013 to implement good regulatory practices in our economies, including ensuring internal coordination of regulatory work, assessing regulatory impacts, and conducting public consultation.

The leaders agreed to pursue common objectives to prevent technical barriers to trade related to green technologies; strengthen food safety systems and facilitate trade, including support for a Global Food Safety Fund; and ensure implementation of the Apec ant-corruption and open government commitments by 2014 through deeper cooperation in Apec.

The Apec also committed to take concrete steps to expand economic opportunities for women in Apec economies.

The leaders also agreed to enhance the role of the private sector in Apec, “through greater input into Apec’s working groups and the establishment of new public-private policy partnerships.”

The Apec also expressed solidarity with the people affected by tragic natural disasters and pledged to incorporate the private sector and civil society more substantively into our emergency preparedness efforts “as a critical piece of our efforts to build more resilient communities and businesses.

“Recognizing the range of experiences and systems across Apec economies, we reaffirm the importance of supporting our ambitious vision for a seamless regional economy through our abiding commitment to delivering effective economic and technical cooperation,” the leaders said.