The Bogor Declaration
The economic leaders of the eighteen APEC member economies gathered in Bogor, Indonesia, on 15 November 1994 and issued the Bogor Declaration, in which they charted the future course of economic cooperation to enhance the prospects of accelerated balanced and equitable economic growth in the Asis-Pacific and throughout the world.
In this declaration was announced the commitment of the economic leaders to complete the achievement of the goal of free and open trade and investment in the Asia-Pacific, no later than the year 2010 for industrialized economies and no later than the year 2020 for developing economies.
The ministers and officials were directed to immediately begin preparing, and submit to the economic leaders soon, detailed proposals for implementing the leaders' decisions.
The Action Agenda
Since the Economic Leaders Meeting in Bogor, representatives of APEC member economies have been working to develop a plan to realize the Bogor goal through a series of Senior Officials Meetings under the chairmanship of Japan. This plan, called the Action Agenda, is the first mid-to long-term comprehensive and concrete road map for concerted liberalization and facilitation of trade and investment in the Asia-Pacific region, along with economic and technical coopertion.
The Action Agenda consists of three pillars; (1) liberalization, (2) facilitation and (3) economic and technical coopertion. The three pillars are expected to interact with each other in a way that will maximize the growth and prosperity in the region.
The Asia-Pacific is the region where the most dynamic economic growth 1ed by a growing momentum of voluntary liberalization, is observed. APEC member economies aim to achieve the Bogor goal by utilizing this momentum through a series of concerted actions based on voluntarism.
Initial Actions
The economic leaders of the APEC member economies will present a package of concrete initial actions of liberalization and facilitation measures including, inter alia, acceleration of the implementation of the WTO Agreement and deregulation measures, in order to enhance the credibility of the liberalization efforts of APEC.
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