APEC: Economy, Trade and Investment. Achievements Bogor Goals 2010

Course summary (Asia Pacific Region: Economy, Trade and Investment. Achievements Bogor Goals 2010)

Foreign Direct Investment in Asia Pacific Markets. Trade in Goods and Services. Customs Procedures, Rules of Origin

When APEC © Leaders gathered in Bogor, Indonesia in 1994, they committed to "achieve free and open trade and investment by 2010 for industrialized economies and by 2020 for developing economies". APEC © members agreed to pursue this goal by further reducing barriers to trade and investment and by promoting the free flow of goods, services and capital.

These targets became known as the "Bogor Goals," an ambitious manifestation of APEC©'s common belief that free and open trade and investment are essential to realize the growth potential of the region and enhance economic and social outcomes for all APEC © economies.

The nominal value of goods exported collectively by the APEC © economies has risen substantially from US$2.0 trillion in 1994 to US$5.6 trillion in 2009. Similarly, the nominal value of imports rose from US$2.1 trillion to US$5.8 trillion over the same period. Since 1994, the value of APEC©’s trade in goods with the world has increased at an annualized rate of 7.1% (for both exports and imports).

With respect to bilateral trade, the value of intra-APEC © trade in goods was 2.8 times larger in 2009 than in 1994. Furthermore, during this period, the value of APEC’s trade in goods with the rest of the world grew faster than intra-APEC.

From 1994 to 2009, APEC’s share of trade in goods with the rest of the world rose from 28% to 33%.

The value of APEC’s imports from the rest of the world also grew faster than intra-regional imports. APEC’s share of imports of goods from the rest of the world grew from 26% to 33% from 1994 to 2009.

Trade in commercial services is becoming increasingly important across the APEC © region. The nominal value of commercial services exported by the APEC © region increased significantly from US$432.4 billion in 1994 to over US$1.2 trillion in 2009, an annualized growth rate of 7.2%.

Example of the course Economy, Trade and Investment in Asia Pacific Region:

APEC © economies have grown steadily since the Bogor Declaration in 1994, contributing 62% of world growth from 1994 to 2008. Real GDP in the APEC © region grew by 54% between 1994 and 2008. Real GDP per capita in the APEC © region increased 37% from 1994 to 2008 (an annualized rate of 2.3%), outperforming the rest of the world, which grew at a rate of 1.3% per year. The Real GDP per capita of the APEC5 increased at an annualized rate of 1.6%, while APEC8 economies grew at a rate of 2.9% per year.

While APEC’s overall progress on tariff reduction is impressive as revealed by declines in average applied tariffs, simple or trade-weighted, and average effective tariffs, average tariffs do not reveal detail on sectoral variation in tariffs across all traded products (tariff lines). Some sectors retain higher levels of tariffs than others reflecting domestic sensitivities.

21 member economies are: Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russian Federation, Singapore, Chinese Taipei (Taiwan), Thailand, United States of America, Vietnam.

 Telecommunications and Information ICT - TPP - PECC - Free Trade Agreements (FTA)

Source: APEC ©

Topic: Globalization and regionalization