Resilient region of Asia-Pacific key to global economic growth

Since China also faces an economic slowdown because of global downturn, many commentators have started forecasting the demise of emerging economies, especially BRICS - Brazil, Russia, India, China and South Africa. Thus it is essential for APEC member economies, especially China, the Republic of Korea and Southeast Asian countries, to demonstrate the potential of and instill confidence in the Pacific Rim economies. The US, as a member of APEC, should also play its role as a leading contributor to the Asia-Pacific region's economic growth.

The APEC theme illustrated an essential objective of the forum - the Bogor Goals, or liberalization of trade and investment in the region. The Bogor Goals, an agreement reached by APEC leaders in 1994, together with the Osaka Action Agenda, are the biggest strategic achievements of APEC. APEC had set the deadline of 2010 for developed member economies and 2020 for developing economies to fulfill their respective requirements to achieve the goals.

The US had drawn up various road maps and worked out annual evaluations to realize the goals. But even three years after the passing of the deadline, it has not fulfilled its responsibilities. Instead, it is trying to cash in on new concepts such as the Tran-Pacific Partnership, which exceeds the demands of the Bogor Goals.

One of the US' main purposes is to impose its value and market standards on other APEC economies for entry into the forum it has created to suit its own interests. This is preposterous. As one of the world's most important regional organizations, APEC aims to promote economic cooperation to benefit all its members. Therefore, by trying to impose its standards and values to interact and cooperate with other APEC member economies, the US is violating the letter and spirit of APEC and the Bogor Goals.

Of course, the US proposals can be discussed. But they should be discussed in accordance with the strategic goals of APEC as a whole. The APEC meeting in Bali was to discuss how to realize the Bogor Goals and other APEC strategic goals, as well as the possibilities that can be availed of after 2020. After all, APEC is an organization of 21 members, not just the US. Hopefully, the US has realized that after the Bali meeting.

The author is executive director of the Strategy Study Center, China Foundation for International Studies, and China's former senior official to APEC.

(China Daily 10/08/2013 page9)