Making APEC model of win-win cooperation
- By Sajjad Malik
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E-mail China.org.cn, November 19, 2015
Unfortunately, not much progress has been made since, as some of its members were more interested in another similar group coming into being, namely the Trans-Pacific Partnership (TPP).
China is not part of the TPP, dominated by the United States and Japan, which are also members of the APEC and their support is needed for realization of the FTAAP. Due to geo-strategic realities, the TPP is emerging as a rival to FTAAP, which was first conceived in 2006.
The FTAAP, as it was envisaged, would have been the world largest free trade area and a giant leap forward towards win-win cooperation that China wants APEC to embrace.
Xi was categorical in urging for closer cooperation. He said: "We must adhere to the concept of win-win cooperation and creating a community with a shared future, cooperating while competing, and achieving development through that cooperation."
The APEC organization is a mega grouping and the member economies together account for about 3 billion people, half of global trade, 60 percent of total GDP and much of the world's growth, according to its official website. The Asia-Pacific leaders have the opportunity to forge trade unity, which is only possible by voluntary economic cooperation and keeping territorial issues off the table.
Already, there are signs of improvement and tariffs have fallen from 17 percent in 1989, when the idea for APEC was first launched, to 5.2 percent in 2012. It shows the huge potential of the group. Further integration is possible by encouraging free trade and economic integration and adopting multiple ways of cooperation in different sectors.
APEC should move on from being a laboratory for testing economic ideas. We saw that some of the concepts tested here were implemented somewhere else. The TPP could be one example, while APEC still struggles to advance the FTAAP.
The writer is a columnist with China.org.cn. For more information please visit:
http://www.china.org.cn/opinion/SajjadMalik.htm
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