Bogor Goals inspire APEC members to go beyond 2020

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BALI, Indonesia, Oct. 7 (Xinhua) -- In 1994, APEC members convening in the Indonesian city of Bogor set the goal of free and open trade and investment in the Asia-Pacific region, better known as the Bogor Goals, which have since remained the inspirational strength behind APEC's agenda.

When it again played host to APEC summit again nearly two decades later, Indonesia made attaining the Bogor Goals high on the agenda. Analysts believe that the move would help put the region back on a path of sound and sustainable growth amid weak global economic recovery.

MARKED PROGRESS, CHALLENGES REMAIN

The Bogor Goals, the result of consensus that takes into account members' different levels of socio-economic development, set 2010 for developed members and 2020 for developing members to achieve free trade and investment.

Unfortunately, however, despite marked progress in reducing tariff and some other areas, many members still have a long way toward attaining the goal.

According to a 2012 progress report issued by APEC Policy Support Unit, progress has been made in all areas. The average tariff in the region has reduced from 17 percent in 1989 to 5.8 percent in 2012, much lower than the average 10.3 percent in other regions. However, average tariffs in agriculture remain higher than other sectors. Member economies have made efforts to open their service trade,improve investment conditions, align to international standards, strengthen intellectual property rights and competition systems, and push for regulatory reforms.

Statistics from the Asian Development Bank indicates that more APEC developing economies are benefiting from robust domestic demand and greater trade with their neighbors in the region.

However, progress has been uneven across different sectors and non-tariffs still remain. There are still restrictions in terms of market access, national treatment and local presence. Barriers to foreign investment are still common, especially in areas considered of domestic strategic interest.

There are speculations that it seems unlikely that all APEC members can manage to attain the Bogor Goals.

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