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Trade ministers of Asia-Pacific Economic Cooperation (APEC)
member-countries reiterated the need for regional economic
integration to achieve the targets prescribed in the Bogor Goals
approved by the 21-nation economic grouping.
The creation of a long-term Free Trade Area for
Asia and the Pacific (FTAAP) was suggested at the APEC Ministers
Responsible for Trade meeting held on May 31 to June 1, 2008 in
Arequipa, Peru.
APEC trade officials, including Trade
Undersecretary Thomas Aquino who represented the Philippines in the
meeting, maintained their respective countries’ commitment to the
Bogor Goals, with the local delegation and its Chinese and
Indonesian counterparts suggesting that an FTAAP would help further
realize the agreement.
The Bogor Goals were adopted by APEC
member-economies in 1994, aimed at reducing trade tariffs to
below 5 percent in the Asia-Pacific region by 2010 for
industrialized economies and by 2020 for developing economies.
However, it was reported that some
member-economies were cautious as developing APEC members could have
been pushing for an FTAAP to evade their 2010 commitments, prompting
the Philippine delegation to propose a stocktaking of the Bogor
Goals by 2009.
The participants to the meeting also pushed for
more comprehensive and consistent free trade agreements (FTAs) and
regional trade agreements (RTAs) through development of model
measures for FTAs/RTAs chapters, which would serve as
capacity-building tools and nonbinding references. Model measures
for chapters on competition policy, environment and temporary entry
for business persons were already endorsed in the meeting.
APEC Trade ministers also endorsed the
Investment Facilitation Action Plan (IFAP) for 2008-2010, which
would bolster economic integration, competitiveness and sustainable
economic growth in Asia-Pacific. The IFAP also aims to expand
employment opportunities in the region.
The escalation of food prices worldwide was also
discussed in the meeting, with the ministers suggesting the
sustenance of food aid programs to immediately address expensive
food prices.
They added that improvements in market access
and reductions in market-distorting measures in agricultural trade
are necessary to address the global rise in food costs.
In the sidelines of the meeting, Aquino had
bilateral meetings with his counterparts from Canada, New Zealand
and Taiwan.
According to a statement from the Trade
department, the meeting with the Canada served as the venue for the
formal announcement of the conclusion of Philippines and Canada Air
transport negotiations earlier held in Vancouver in May.
Meanwhile, New Zealand reiterated its positions
on the Association of Southeast Asian Nations-Australia/New Zealand
negotiations on overall coverage of tariff commitments; most favored
nation treatment on services and investment; and the Treaty of
Waitangi.
The meeting with Taiwan focused on the
implementation of the RP-Taiwan Joint Economic Meeting held in
Taipei in June, which includes Taiwan’s importation of gravel and
sand, bilateral Economic Corridor Agreement, ATA Carnet Agreement,
avoidance of double taxation, and the RP-Taiwan intellectual
property rights memorandum of agreement, the Trade department said.
-- Ben Arnold O. de Vera
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