1997 (1) Cheju Island - On APEC
Note: This policy statement was Issued on the 6th of November 1997 during the 56th CACCI Council General Meeting in Cheju Island, Korea.
The Confederation of the Asia Pacific Chambers of Commerce and Industry (CACCI), representing 2.5 million businesses around the Asia Pacific through 21 national chambers, calls upon the Governments and businesses of the countries in the region to:
1. Reaffirm their commitment to the Bogor Declaration of trade and investment liberalization and conform to the principles of the Declaration on or before the agreed time frame. This, however, does not preclude individual and unilateral liberalization on the part of governments.
2. Recognize expanding the membership of APEC to strengthen its broader role in encouraging multilateral trade liberalization. Potential new members must give substantial commitments to the Bogor Declaration as an essential pre-condition for membership.
3. Reaffirm the importance of international institutions delivering outcomes that both facilitate and liberalize trade and investment of benefit to commerce and industry as a key measure of performance. In this endeavour, such institutions should take concrete steps to widen the usage of the Business Travel Card, and to facilitate greater use of electronic commerce around the Asia Pacific region.
4. Support the commencement of a “Millennium Round” of multilateral trade negotiations under the auspices of the World Trade Organization, to widen and deepen the global processes of trade and investment liberalization.
5. Not use non-tariff barriers like the improper use of anti-dumping measures, alleged environmental issues, or child labor claims as justification for protection.
6. Recognize that the recent turbulence on capital markets provides signals to national economies to re-examine their fundamentals and to deal with impediments to the more effective and efficient operation of market forces. While the financial crisis in South East Asia has caused a temporary slowdown to growth and should allow for adjustment, it should not be used to justify abandonment of the commitment to economic liberalization.
7. Endorse the concept to establish an Asian Monetary Fund to supplement the International Monetary Fund (IMF) as a means to stabilize currency fluctuations in the Asian region.
8. Endorse sustainable development as the best approach to dealing with environmental issues. International efforts to deal with environmental priorities should be based on comparable effort by all countries to reflect the most cost-effective approach for each country.
9. Accelerate efforts, individually and collectively, for increasing productivity and strengthening industrial competitiveness through.
a. Increased efforts for economic progress with stability through sound macro economic policies and privatization and deregulation;
b. International cooperation in the monetary field and in the banking sector, with support institutions, to achieve currency stability in the region;
c. Joint efforts for strengthening of infrastructure including transportation and communications, with emphasis on private sector participation;
d. Regular exchange of information concerning economic restructuring, industrial policies and foreign investment and technology transfer through a data information network;
e. Enhanced productivity through:
- i. Human resource development.
- i. Technological upgradation.
- iii. Cooperation in R&DG.
f. Development of small and medium enterprises and support industries;
g. Continued liberalization of investment policies to promote long-term investment as a lever to external stability.