Trade Liberalization and APEC (Routledge Studies in the by Jiro Okamoto

By Jiro Okamoto

Exchange liberalization has swept over constructing nations over the last few many years and its effects were argued approximately for the previous few years. this significant new ebook provides important insights into the event of APEC nations that experience passed through quite a few liberalizing reforms lately. scholars, researchers and readers mostly drawn to APEC economies will locate this booklet an excellent addition to their bookshelves.

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Additional info for Trade Liberalization and APEC (Routledge Studies in the Modern World Economy, 43)

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NON-DISCRIMINATION> APEC economies will apply or endeavor to apply the principle of nondiscrimination between and among them in the process of liberalization and facilitation of trade and investment. The outcome of trade and investment liberalization in the AsiaPacific region will be the actual reduction of barriers not only among APEC economies but also between APEC economies and non-APEC economies. (APEC Leaders Meeting 1995b: Part One, Section A, 4. Italics added) 16 Akiko Yanai In arguing that APEC is different from NAFTA and other regional trade arrangements, Drysdale characterizes this concept of ‘open regionalism’ as follows: This new form of regionalism is open in a number of ways.

Italics added by the author) Ministers noted in particular the effective role played by APEC in maintaining the momentum for a satisfactory outcome to the Uruguay Round … (paragraph 19) The challenge to APEC to lead multilateral trade liberalization by shifting from a mere cheerleader to an executing institution persisted after the conclusion of the Uruguay Round. The results of this challenge were the Bogor Declaration in 1994 and the OAA in 1995. It was mainly a change in US attitude toward the APEC process, a step up in its level of participation, which proved the catalyst for this change in the nature of APEC.

Developing member economies objected to such a trend in APEC, claiming that the original role of APEC was to promote not only liberalization but also economic cooperation in all fields related to liberalization. Quite clearly, the APEC goal of creating an open and liberal economic system complements the objectives of 20 Akiko Yanai GATT/WTO. ’17 As a result of adopting demands from both sides, APEC activity is based on three central pillars: trade and investment liberalization, trade and investment facilitation, and economic and technical cooperation.

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