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  • The APEC Growth Strategy High-Level Policy Round Table Toward Higher Quality Growth for APEC

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The APEC Growth Strategy High-Level Policy Round Table Toward Higher Quality Growth for APEC

The APEC Growth Strategy High-Level Policy Round Table in Beppu

  1. The High-Level Policy Round Table (hereinafter, the "Round Table") was held in Beppu, Japan from 7 to 8 August, 2010 under the chairmanship of H.E. Masayuki Naoshima, Minister of Economy, Trade and Industry, Japan and H.E. Satoshi Arai, Minister of State for National Policy and Minister of State for Economic and Fiscal Policy, Japan.
  2. We, all participating APEC economies' heads of the delegations including ministerial level officials, welcomed especially the participation of the following individuals: President of Asian Development Bank; Executive Director of International Energy Agency; Chairperson of the Governing Board, Economic Research Institute for ASEAN and East Asia (ERIA); and Vice President, East Asia and Pacific of the World Bank. We also welcomed the participation of the APEC Business Advisory Council (ABAC) and five eminent persons.
  3. Last year, the APEC Economic Leaders agreed to formulate an APEC Growth Strategy in 2010 to shape the region's growth following the financial and economic crisis. APEC is formulating its Growth Strategy for the first time since its inception. Further to the discussions among Senior Officials and Trade Ministers, the Round Table was the first opportunity for the APEC member economies to focus on comprehensive and dedicated discussion with regard to the APEC Growth Strategy, enabling the participating heads of delegations to lead the discussion and to employ their expertise to add significant value to the Growth Strategy and to develop a shared understanding on the direction thereof before it is finalized for consideration by APEC Ministers and Leaders. We shared the view that this Round Table would be recorded as a landmark event for APEC.

APEC's Need for a Growth Strategy

  1. The APEC region has become the world's growth center by promoting free and open trade and investment and strengthening regional economic integration (REI). Recognizing that liberalization and facilitation of trade and investment will contribute to the growth in the APEC economies, we will continue efforts in this area to achieve further growth in the region. However, in recent years, new challenges have come to the forefront, and have therefore been added to APEC's agenda, such as energy and environmental constraints, human security concerns, the necessity of constant innovation, and economic performance and opportunity disparities within and across the economies. Therefore APEC must give greater attention than ever before to these new issues as well with a view to achieving further prosperity and collective well-being through long-term and sustained growth.
  2. As the world's leading growth center, the APEC region has a great responsibility for the future course of the global economy beyond the region as well as for the welfare and prosperity of its own people. APEC should contribute to improving the quality of growth in the global economy as well through its Growth Strategy, as envisaged by the APEC Economic Leaders last year.
  3. The Ministers responsible for Trade declared in Sapporo this year that "the Growth Strategy aims to achieve economic growth that is balanced, inclusive, sustainable, innovative and secure." These Five Attributes for economic growth give APEC economies guidance on how to pursue high quality growth. They are being emphasized in the APEC Growth Strategy because APEC has come to understand that otherwise the next generation will not be able to enjoy sustained growth. APEC should address all Five Attributes collectively and comprehensively, because they are interrelated and mutually reinforcing and thus require collective commitment and implementation to be realized in practice.
  4. The APEC Growth Strategy should have sufficient action-oriented elements such as an action plan and follow-up mechanisms to translate the Five Attributes into collective concrete actions by the member economies, whose progress should be reviewed on an annual basis and reported to the Leaders in 2015, at which point the Leaders may consider the future direction of the Growth Strategy. APEC will also look into ways to take stock of APEC's collective progress with regard to the Five Attributes.

Individual Sessions

  1. In addition to the above broad statements, we agreed to summarize each session's discussion on the Five Attributes, as follows:
Balanced Growth
  1. APEC could contribute to balanced growth by re-energizing its work on structural reforms, building on ongoing efforts under the Leaders' Agenda to Implement Structural Reform. APEC should also complement the G20's efforts in pursuing balanced growth in the region.
Inclusive Growth
  1. All our citizens should have the opportunity to thrive in the global market economy. APEC should contribute to inclusive growth by promoting policies in fields such as job creation, human resource development and utilization, SMEs and entrepreneurship development, creating new economic opportunities for women, and more inclusive access to finance.
Sustainable Growth
  1. In order to shift to a green economy, APEC should further promote energy efficiency and the development of a low-carbon energy sector. APEC should work to improve access for environmental goods and services (EGS), to develop EGS sectors, and promote energy conservation activities through green ICT.
Innovative Growth
  1. APEC should contribute to innovative growth by improving the Research & Development environment and effectively providing policy and regulatory infrastructure conducive to innovation, such as those related to ICT application, digital prosperity, professional workforce mobility, protection of intellectual property (IP) rights, and standardization.
Secure Growth
  1. APEC should promote the human security agenda to provide the secure environment necessary for economic growth. APEC can contribute to secure growth by continuing to promote policies in fields such as counter terrorism, prevention and countering of emergency preparedness, pandemic diseases, and food security.
  2. In addition to the foregoing general conclusions from each session, the participants from member economies as well as from industry and academia had an active discussion, shared ideas, and exchanged views on how APEC could promote these growth attributes in concrete terms.

The APEC Growth Strategy: Work toward Yokohama

  1. We shared the view that we should communicate with our respective Senior Officials and encourage them to continue work on all aspects of the Growth Strategy toward finalizing it at the November APEC Economic Leaders' Meeting in Yokohama by duly reflecting discussions and conclusions at this Round Table. We will also grant political support to the Growth Strategy deliberating process toward the APEC Economic Leaders' Meeting in Yokohama.

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