APEC ECONOMIC LEADERS' DECLARATION OF COMMON RESOLVE
Bogor, Indonesia
November 15, 1994
1. We, the economic leaders of APEC, came together at Bogor, Indonesia
today to chart the future course of our economic cooperation which
will enhance the prospects of an accelerated, balanced and equitable
economic growth not only in the Asia-Pacific region, but throughout
the world as well.
2. A year ago on Blake Island in Seattle, USA, we recognized that
our diverse economies are becoming more interdependent and are moving
toward a community of Asia-Pacific economies. We have issued a vision
statement in which we pledged:
- to find cooperative solutions to the challenges of our rapidly
changing regional and global economy:
- to support an expanding world economy and an open multilateral
trading system;
to continue to reduce barriers to trade and investment to enable
goods, services and capital to flow freely among our economies;
- to ensure that our people share the benefits of economic growth,
improve education and training, link our economies through advances
in telecommunications and transportation, and use our resources
sustainably.
3. We set our vision for the community of Asia-Pacific economies
based on a recognition of the growing interdependence of our economically
diverse region, which comprises developed, newly industrializing
and developing economies. The Asia-Pacific industrialized economies
will provide opportunities for developing economies to increase
further their economic growth and their level of development. At
the same time developing economies will strive to maintain high
growth rates with the aim of attaining the level of prosperity now
enjoyed by the newly industrializing economies. The approach will
be coherent and comprehensive, embracing the three pillars of sustainable
growth, equitable development and national stability. The narrowing
gap in the stages of development among the Asia-Pacific economies
will benefit all members and promote the attainment of Asia-Pacific
economic progress as a whole.
4. As we approach the twenty-first century, APEC needs to reinforce
economic cooperation in the Asia-Pacific region on the basis on
equal partnership, shared responsibility, mutual respect, common
interest, and common benefit, with the objective of APEC leading
the way in:
strengthening the open multilateral trading system;
enhancing trade and investment liberalization in the Asia-Pacific;
and
intensifying Asia-Pacific development cooperation.
5. As the foundation of our market-driven economic growth has been
the open multilateral trading system, it is fitting that APEC builds
on the momentum generated by the outcome of the Uruguay Round of
Multilateral Trade Negotiations and takes the lead in strengthening
the open multilateral trading system.
We are pleased to note the significant contribution APEC made in
bringing about a successful conclusion of the Uruguay Round. We
agree to carry out our Uruguay Round commitments fully and without
delay and call on all participants in the Uruguay Round to do the
same.
To strengthen the open multilateral trading system we decide to
accelerate the implementation of our Uruguay Round commitments and
to undertake work aimed at deepening and broadening the outcome
of the Uruguay Round. We also commit ourselves to our continuing
process of unilateral trade and investment liberalization. As evidence
of our commitment to the open multilateral trading system we further
agree to a standstill under which we will endeavor to refrain from
using measures which would have the effect of increasing levels
of protection.
We call for the successful launching of the World Trade Organization
(WTO). Full and active participation in and support of the WTO by
all APEC economies is key to our ability to lead the way in strengthening
the multilateral trading system. We call on all non-APEC members
of the WTO to work together with APEC economies toward further multilateral
liberalization.
6. With respect to our objective of enhancing trade and investment
in the Asia-Pacific, we agree to adopt the long-term goal of free
and open trade and investment in the Asia-Pacific. This goal will
be pursued promptly by further reducing barriers to trade and investment
and by promoting the free flow of goods, services and capital among
our economies. We will achieve this goal in a GATT-consistent manner
and believe our actions will be a powerful impetus for further liberalization
at the multilateral level to which we remain fully committed.
We further agree to announce our commitment to complete the achievement
of our goal of free and open trade and investment in the Asia-Pacific
no later than the year 2020. The pace of implementation will take
into account differing levels of economic development among APEC
economies, with the industrialized economies achieving the goal
of free and open trade and investment no later than the year 2010
and developing economies no later than the year 2020.
We wish to emphasize our strong opposition to the creation of an
inward-looking trading bloc that would divert from the pursuit of
global free trade. We are determined to pursue free and open trade
and investment in the Asia-Pacific in a manner that will encourage
and strengthen trade and investment liberalization in the world
as a whole. Thus, the outcome of trade and investment liberalization
in the Asia-Pacific will not only be the actual reduction of barriers
among APEC economies but also between APEC economies and non-APEC
economies. In this respect we will give particular attention to
our trade with non-APEC developing countries to ensure that they
will also benefit from our trade and investment liberalization,
in conformity with GATT/WTO provisions.
7. To complement and support this substantial process of liberalization,
we decide to expand and accelerate APEC'S trade and investment facilitation
programs. This will promote further the flow of goods, services,
and capital among APEC economies by eliminating administrative and
other impediments to trade and investment.
We emphasize the importance of trade facilitation because trade
liberalization efforts alone are insufficient to generate trade
expansion. Efforts at facilitating trade are important if the benefits
of trade are to be truly enjoyed by both business and consumers.
Trade facilitation has also a pertinent role in furthering our goal
of achieving the fullest liberalization within the global context.
In particular we ask our ministers and officials to submit proposals
on APEC arrangements on customs, standards, investment principles
and administrative barriers to market access.
To facilitate regional investment flows and to strengthen APEC's
dialogue on economic policy issues, we agree to continue the valuable
consultations on economic growth strategies, regional capital flows
and other macro-economic issues.
8. Our objective to intensify development cooperation among the
community of Asia-Pacific economies will enable us to develop more
effectively the human and natural resources of the Asia-Pacific
region so as to attain sustainable growth and equitable development
of APEC economies, while reducing economic disparities among them,
and improving the economic and social well-being of our people.
Such efforts will also facilitate the growth of trade and investment
in the Asia-Pacific region.
Cooperative programs in this area cover expanded human resource
development (such as education and training and especially improving
management and technical skills), the development of APEC study
centers, cooperation in science and technology (including technology
transfer), measures aimed at promoting small and medium scale enterprises
and steps to improve economic infrastructure, such as energy, transportation,
information, telecommunications and tourism, with the aim of contributing
to sustainable development.
Economic growth and development of the Asia-Pacific region has
mainly been market-driven, based on the growing interlinkages between
our business sectors in the region to support Asia-Pacific economic
cooperation. Recognizing the role of the business sector in economic
development, we agree to integrate the business sector in our programs
and to create an ongoing mechanism for that purpose.
9. In order to facilitate and accelerate our cooperation, we agree
that APEC economies that are ready to initiate and implement a cooperative
arrangement may proceed to do so while those that are not yet ready
to participate may join at a later date.
Trade and other economic disputes among APEC economies have negative
implications for the implementation of agreed cooperative arrangements
as well as for the spirit of cooperating. To assist in resolving
such disputes and in avoiding its recurrent, we agree to examine
the possibility of a voluntary consultative dispute mediation service,
to supplement the WTO dispute settlement mechanism, which should
continue to be the primary channel for resolving disputes.
10. Our goal is an ambitious one. But we are determined to demonstrate
APEC's leadership in fostering further global trade and investment
liberalization. Our goal entails a multiple year effort. We will
start our concerted liberalization process form the very date of
this statement.
We direct our ministers and officials to immediately begin preparing
detailed proposals for implementing our present decisions. The proposals
are to be submitted soon to the APEC economic leaders for their
consideration and subsequent decisions. Such proposals should also
address all impediments to achieving our goal. We ask ministers
and officials to give serious consideration in their deliberations
to the important recommendations contained in the reports of the
Eminent Persons Group and the Pacific Business Forum.
11. We express our appreciation for the important and thoughtful
recommendations contained in the reports of the Eminent Persons
Groups and the Pacific Business Forum. The reports will be used
as valuable points of reference in formulating policies in the cooperative
framework of the community of Asia-Pacific economies. We agree to
ask the two groups to continue with their activities to provide
the APEC economic leaders with assessments of the progress of APEC
and further recommendations for stepping up our cooperation.
We also ask the Eminent Persons Group and the Pacific Business
Forum to review the interrelationships between APEC and the existing
sub-regional arrangements (AFTA, ANZERTA and NAFTA) and to examine
possible options to prevent obstacles to each other and to promote
consistency in their relations.
APEC Economic Leaders
Bogor, Indonesia
November 15, 1994
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