INGENIEUR
INGENIEUR
and investment , sustainable economic growth and shared prosperity in the Asia-Pacific region . Within this vision , in 2016 we have focused our efforts on the following thematic priorities : Regional Economic Integration and Quality Growth ; Enhancing the Regional Food Market ; Towards the Modernization of Micro , Small and Medium-sized Enterprises ( MSMEs ) in the Asia- Pacific ; and Developing Human Capital .
Challenges and Opportunities for Free Trade and Investment
We remain committed to using all policy tools – monetary , fiscal and structural – individually and collectively , to strengthen global demand and address supply constraints . We reaffirm the important role of mutually-reinforcing policies to buttress our efforts to achieve strong , sustainable , balanced and inclusive growth . We reaffirm our previous commitments on monetary and exchange rate policies . We will refrain from competitive devaluation , resist all forms of protectionism and not target our exchange rates for competitive purposes . We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability .
While the complex global economic environment will continue framing our work , it also represents an opportunity to reiterate our commitment to build a dynamic , harmonious and open economy in the Asia-Pacific region featuring innovative development , interconnected growth and shared interests , that advances employment opportunities for all , by reaffirming free and open trade and investment , accelerating regional economic integration , promoting competitive markets , encouraging economic and technical co-operation , and facilitating a favorable and sustainable business environment .
These overarching principles will continue to guide us in our common path . At the same time , we acknowledge that economies need to reach out to all sectors of our societies to better explain the benefits of trade , investment and open markets , and to ensure that those benefits are widely distributed .
We welcome the progress made by economies in notifying their acceptance of the World Trade Organisation ( WTO ) Trade Facilitation Agreement ( TFA ) and support its entry into force at the earliest possible date . We call upon the remaining APEC economies as well as other WTO members to make their utmost efforts to submit their instruments of acceptance of the TFA by the end of the year .
We recognise that WTO consistent plurilateral trade agreements with broad participation can play an important role in complementing global liberalisation initiatives . In this regard , the ongoing or already concluded plurilateral agreements such as the Information Technology Agreement and its expansion , the Trade in Services Agreement , and the Environmental Goods Agreement , shall be open to all WTO members who share the objectives of such plurilateral agreements and negotiations for participation .
Furthermore , we also welcome the implementation of the Information Technology Agreement ( ITA ) expansion and call on those who have committed to implement it by July 1 , 2016 to do so as soon as possible .
We acknowledge that structural reform is critical to improving economic efficiency , increasing productivity and competitiveness , creating jobs and promoting innovative growth in the face of the slowdown in the global economy . In this regard , we emphasise the importance of removing those structural and regulatory obstacles that unnecessarily inhibit cross-border trade , finance and investment , and create behind-the-border barriers to doing business . We encourage concrete actions by economies to deepen efforts in line with the Renewed APEC Agenda for Structural Reform ( RAASR ). Accordingly , we note the conclusion of RAASR Individual Action Plans by all member economies and welcome those commitments to important domestic structural reforms . At the same time , we recognise that structural reforms can be applied flexibly depending on domestic circumstances and macroeconomic situation . We also welcome the progress made so far on the Ease of Doing Business initiative .
58 VOL 69 JANUARY-MARCH 2017