JAPAN'S BASIC APPROACH TO APEC AND CLOSE RELATIONS WITH MEMBER ECONOMIES

A NEW APPROACH TO OPEN REGIONALISM

Japan considers APEC the most important forum for economic cooperation in the Asia Pacific. Furthermore, it strongly supports the APEC commitment to open regionalism, which contributes to regional and global economic growth in a manner that complements and reinforces the multilateral free trade system. APEC cooperation differs substantively from traditional forms of regionalism, because APEC avoids any discrimination against non-member countries. It is a positive, fresh approach to regional cooperation.
In accordance with this view, Japan stresses the following key functions and responsibilities for APEC:

Promoting and liberalizing trade and investment in the Asia Pacific:
Acting as a forum for consultation on economic cooperation among APEC member economies which are at different stages of economic development;
Monitoring regional economic trends, including developments relating to sub-regional arrangements;
Ensuring its consistency with GATT, and seeking to complement and strengthen GATT, rather than be a substitute for it;
Striving to enhance understanding with non-members, international organizations and others

JAPAN'S TRADE TIES WITH THE ASIA PACIFIC BECOME STRONGER

The annual trade statistics compiled by Japan's Ministry of Finance demonstrate a growing level of interdependence between Japan and the other Asia Pacific economies. In 1993, the Asia Pacific accounted for 78.9% of Japan's exports, or nearly US$ 268 billion, and 69.5% of its imports, or about US$ 162 billion. These percentages are up from 74.3% for exports and 67.4% for imports in 1992, reflecting the increasing share of the Asia Pacific in Japan's total trade.

After falling 1.6% in dollar terms in 1992, the total value of Japanese imports rebounded 3.3% in 1993, with significant gains by the People's Republic of China (21.3%), Singapore (16.3%), Malaysia (16.3%), Russia (15.2%), India (11.8%) and Thailand (9.3%).

The People's Republic of China stands out in Japan's trade data as recording a steady increase of about 40% in exports and about 20% in imports for both 1992 and 1993. It currently ranks as the world's second largest source of Japanese imports.

PROMOTION AND LIBERALIZATION OF TRADE AND INVESTMENT

Backed by the positive economic outlook for the entire region, the Asia Pacific's role in leading the way to global economic growth and trade expansion is increasingly vital and influential.

At the same time, there is a growing need for APEC to take the initiative in fields that are vital to regional economic development, such as setting basic principles for investment and harmonization of standards and conformance.

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INTRAREGIONAL COOPERATION FOR INFRASTRUCTURE AND HUMAN RESOURCE DEVELOPMENT

Through the activities of the committee for APEC-HRD Partnership for Education and Training in 1993, Japan confirmed that 40 companies would be able to accept nearly 100 students from the APEC region who had graduated from Japanese universities for two to three years of on-the-job training. Japan is also working on a project to develop an industry and technology network to support the enhancement of labor quality through on-the-job training.

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