del Rosario: APEC not
just a talk shop
MANILA, Nov. 10 -- The Asia-Pacific Economic Cooperation (APEC) is not
just a talk shop, Philippine organizer for APEC 2015, Foreign Affairs
Undersecretary Laura del Rosario, said on Monday.
The APEC has been where ideas incubate, del Rosario said, citing two
instances of the successful transformation of ideas into action: the
recently negotiated Trans-Pacific Partnership (TPP) agreement that was
introduced during APEC 2009, and the digital revolution that followed APEC
The TPP, a binding trade agreement that contains measures to lower trade
barriers, such as tariffs, and establishes an investor-state dispute
settlement mechanism, was introduced by United States President Barack Obama
in APEC 2009, del Rosario said.
Twelve of the 21 APEC economies finalized the TPP last October 5, building
on the 2005 formation called P4, composed of four APEC members -- New
Zealand, Brunei, Singapore, and Chile.
Later, Australia, Canada, Japan, Malaysia, Peru, the United States, and
Vietnam joined to expand P4 into the TPP. In a recent visit to the US,
Indonesian President Joko Widodo said his country intends to join the TPP
On the other hand, the product innovation that saw the invention,
manufacture, and sale of digital items like iPods came after Japan’s hosting
of the APEC in 2010. In that conference, the Yokohama Vision, which
emphasized innovation, was produced.
Del Rosario explained that the non-binding nature of the APEC can be
advantageous because its discussions are at the level of principles and
therefore less restrictive, unlike for instance in the stalled World Trade
Organization negotiations. (PCOO-APEC Communications Group)