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Opportunities and challenges of APEC

 
The strong fluctuations in trade and security in the world are affecting APEC but also create opportunities for development.
 
 The upcoming Asia-Pacific Economic Cooperation (APEC) forum in Da Nang is an opportunity for member economies to discuss the challenges facing APEC as well as the prospects for a cooperative mechanism. This brings.
 
APEC is seen as a pioneer in promoting free trade and investment, playing an active role in Asia-Pacific issues, but is also facing challenges. well ahead of the volatile region and the world, according to Olemiss.
 
John McKay, Professor at the Asian Institute of Monash, director of the APEC Australia Research Center, said that the first challenge that APEC faces today is the rise of protectionism and anti-coercion. multilateral trade.
 
opportunities-and-challenges-of-apec
 
The US's decision to withdraw from the Trans-Pacific Partnership (TPP) has greatly influenced efforts to build a large free trade area. Parallel to that, there is the tendency of negotiating bilateral trade agreements between economies, rather than negotiating larger multilateral mechanisms.
 
Ross Garnaut, professor at the Asia Pacific School of Economics at the Australian National University, said that some of the proposed economic action plans in APEC have not been effectively implemented since membership in the Asia- The Pacific has had separate bilateral cooperation mechanisms that have a different purpose and mode of operation than the free trade policy of APEC. The key members of APEC such as China, Japan, and India are members of these subregional cooperation mechanisms.
 
When more members look to these bilateral FTAs, it will have a negative impact on APEC's role, which is against the open-area policy of the organization. These FTAs ​​would jeopardize the formation and development of the multilateral trading system, as members signing FTAs ​​and non-FTA members would face a variety of issues and measures. each other in trade and investment in the region.
 
The second challenge faced by APEC is the increasingly complex regional security situation, especially in the wake of the Korean nuclear crisis, which has raised concerns about the risk of instability in Asia. - Pacific. China's increasingly aggressive actions in the disputed areas of the South China Sea and the East China Sea have also discouraged many in the region.
 
McKay said that while a forum for economic cooperation, APEC has always played a role in regional security and politics, especially through the APEC Leaders' Meeting. When the leaders of the economies meet at the conference, especially through bilateral or small-group meetings, they will certainly discuss the urgent issues of the world and the region, and the technical issues trade and investment will be handed over to senior officials.
 
APEC can thus be considered as a security forum, bringing together the leaders of the four largest economies - the United States, China, Japan, Russia and other major economies such as South Korea and Australia. , Canada or Singapore.
 
However, many members said that APEC was only a forum for economic cooperation, was established to deal with trade and economic issues, had no experience and expertise to discuss and solve. issues related to security and politics. These members frequently object to the inclusion of security issues in the APEC agenda.
 
Some major APEC members are not keen on discussing regional security issues with multilateralism, but rather on bilateral exchanges. As a result, some security innovations exchanged at APEC have not really had a major impact on the region.
 
A big chance
 
Established in 1989 from six ASEAN members and six major economies including Australia, Canada, Japan, New Zealand and the United States, APEC operates as a non-formal informal forum, The best running of an organization with extremely diverse members.
 
Alan Bollard, executive director of the APEC Secretariat, said that APEC's informal operating mechanism has enabled member economies to have more space to cope with the big challenges they face. in trade matters.
 
According to Bollard, in the context of traditional trade in goods, there is a shift when the United States focuses on bringing its production back to the country and China is looking to move the activity to less developed countries. The service will continue to evolve as new technology becomes cheaper, more mobile, blurs boundaries.
 
In the chaotic situation of trade agreements leading to a lack of confidence in the World Trade Organization (WTO), Bollard said that the upcoming APEC forum in Vietnam would be an opportunity for leaders. discuss a clearer trade strategy.


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