The New Economy in East Asia and the Pacific

By Peter Drysdale | Go to book overview
Save to active project

14

Implications for APEC

Mari Pangestu and Sung-Hoon Park


INTRODUCTION

APEC was buffeted by the outbreak of the Asian financial crisis in 1998. Under the immediate influence of the financial crisis, APEC members were unable to launch the 'early voluntary sectoral liberalisation' (EVSL) initiative, for which they had negotiated throughout that year. This was counterproductive (because continued trade and investment liberalisation was necessary to underpin regional economic reform and recovery), and also dealt a blow to the global momentum then building towards new World Trade Organization (WTO) negotiations. The failure of the EVSL diminished APEC's credibility in constructing a relationship with the rest of the world with open regionalism as a conduit to the WTO. The Asian crisis also triggered rethinking in many Asian developing APEC members about their international strategies to promote development.

In achieving its goals, APEC has to find an appropriate balance between its two mutually reinforcing cooperation pillars: the 'Trade and Investment Liberalisation Framework' (TILF) and 'Economic and Technical Cooperation' (Ecotech).

Developing and/or transforming countries assume the rotating presidency of APEC until 2005-China in 2001, Mexico in 2002, Thailand in 2003 and Chile in 2004. Accordingly, there is some expectation that Ecotech activities may receive a stronger focus than previously. There is also a risk that excessive focus on Ecotech alone could diminish the momentum within APEC for trade and investment liberalisation, and undermine APEC's ability to make a constructive contribution to success of the new WTO round recently launched at Doha.

It is against this general background that we look at the implications of the new economy for APEC's future agenda. We examine the regional opportunities and challenges presented by the new economy, we discuss the importance of liberalisation and deregulation in the information, communication and technology (ICT) sector and we set out some priorities for regional capacity building.

-313-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited page

Bookmark this page
The New Economy in East Asia and the Pacific
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen
/ 326

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?