A NEW GROWTH PARADIGM FOR A CONNECTED ASIA-PACIFIC IN THE 21ST CENTURY

A Connected Asia-Pacific in the 21st Century

We will take a comprehensive approach to build a 21st century model of economic integration that will combine trade liberalisation “at the border”, improve the business environment “behind the border”, and enhance supply chain connectivity “across the border”.

“At the Border” Liberalisation. We will continue to explore building blocks towards a possible Free Trade Area of the Asia-Pacific in the future.

We launched a pathfinder initiative led by Australia, Canada, Japan, Korea, New Zealand, Singapore, and the United States to practice self-certification of origin so that businesses can better take advantage of free trade agreements in the region.

We will take forward the APEC Services Initiative having agreed to an action plan as well as principles to promote cross-border trade in services.

“Behind the Border” Structural Reforms. A key component of our structural reform efforts to reduce regulatory impediments is the Ease of Doing Business Action Plan.

We will strive to achieve by 2015 a collective 25% reduction in the cost, time, and number of procedures that our businesses face when starting a business, getting credit, enforcing contracts, dealing with permits, and trading across borders.

We will reduce business transaction costs by 5% by 2010, having already achieved a cost reduction of 3.2% between 2006 and 2008 through the Trade Facilitation Action Plan II.

“Across the Border” Connectivity. APEC’s Supply Chain Connectivity Initiative has identified eight key chokepoints in regional supply chains and actions to address them.

We will explore how to enhance multi-modal connectivity by air, sea, and land, to facilitate a more seamless flow of goods and services, and business travellers throughout the Asia-Pacific.