APEC Leadership in Liberalization: An Untested Experiment

Abstract

The year 1996 is an important year in trade policy history as it marks the beginnings of two key institutions which will lead us on the road towards an open and rules-based trading system. In November 1996, cynics and optimists alike await the announcement of the action plans for trade liberalization and facilitation by economies from the Asia Pacific Economic Co-operation (APEC) group. The action plans will provide the first glimpse of the track towards the long-term goals set out by APEC’s Bogor Declaration in 1994: to achieve free and open trade and investment in the region no later than 2010 for industrialized economies, and 2020 for developing economies. Meanwhile, at the end of the year, ministers from members of the World Trade Organization (WTO) meet for the first time since it was set up in early 1995. The agenda calls for evaluation of the implementation of Uruguay Round commitments, and discussion of unfinished business such as negotiation on services.