(VOVWORLD) -The Bogor Goals, adopted in 1994 at the second Asia-Pacific Economic Cooperation (APEC) summit in Bogor, Indonesia, paved the way for impressive trade and investment liberalization in the region over the past two decades. But a stronger resolve on the part of APEC members is needed more than ever to meet these goals given growing globalization and protectionism.
 Achieving the Bogor Goals will require the firm political will of APEC leaders and the trust of businesses and the public in the benefits of free trade. |
Under the Bogor Goals, APEC pledged to achieve free and open trade and investment by 2010 for industrialized economies and by 2020 for developing economies.
The 2016 “Second-Term Review of APEC’s progress towards the Bogor Goals” showed that APEC’s trade and investment performance has expanded greatly since the goals were adopted. Open trade and investment and business facilitation have made APEC one of the most dynamic regions in the world.
Nguyen Viet Thai, Director of the Vietnam APEC Study Center, told VOV: “Many tariff and administrative barriers have been removed and scores of standards have been integrated and improved. Technical cooperation programs have helped promote integration and connectivity and form production and supply chains within APEC.”
The number of regional trade agreements and free trade agreements in effect within APEC jumped from 22 in 1996 to 152 in 2016. Annual meetings between APEC leaders and senior ofícials have contributed to political stability and prosperity in the region.
APEC members are facing major obstacles to achieving the Bogor Goals in the next three years due to uncertainty in the global economy. Accelerating the Bogor process has been a top priority of APEC Year 2017 hosted by Vietnam.
Ken Waller, former Director of the Australian APEC Study Center, said: "Vietnam has done a wonderful job. Agendas provided by Vietnam for APEC has been very clear and relevant to all the economies. Your chairman and his group in APEC have done a wonderful job in 2017."
APEC Year 2017’s theme “Creating new dynamism, fostering a shared future” has been translated into four cooperative priorities topped by inclusive growth.
Don Campbell, Chairman of the APEC Economic Cooperation Council, said: "We need to look at that issue of growth from the inclusive point of view. We also need to make sure that growth in the 21st century is sustainable. That means we have to be very conscious of the environment and climate change and we have to achieve that growth in a beneficial way. We don't know what the future will be. Who could have foreseen that you would have in the Asia Pacific region today the dramatic growth in countries like China, Vietnam, and Indonesia. We will see dramatic growth in 20, 30 years."
Achieving the Bogor Goals will require the firm political will of APEC leaders and the trust of businesses and the public in the benefits of free trade.