1997 Results Report

November 23, 1997

Message from the Chair of APEC 1997

Chapter1. APEC 1997 Highlights

APEC is the premier economic forum in Asia Pacific, a region that is undergoing rapid growth, development and modernization. APEC's members work together to achieve sustainable economic growth and equitable development through trade and economic co-operation.

Following are APEC's key achievements for 1997:

On January 1, APEC members began implementing their liberalization commitments, as set out in Individual Action Plans (IAPs) tabled in Manila in November 1996.
APEC members improved upon and extended 1996 commitments, on a voluntary basis, and have agreed to release revised IAPs annually, along with progress reports on implementation and improvements.
APEC accelerated the timetable for identifying sectors for early liberalization by two years.
APEC adopted a blueprint for customs modernization by the year 2000 -- the most ambitious and detailed customs program in the world.
APEC adopted principles for dispute mediation, stating that APEC dispute mediation should foster greater confidence in the WTO, and should not prejudice rights and obligations under the WTO and other international agreements.
APEC developed tools for exporters, including an Internet database of applied tariffs for all APEC members, which will be expanded in 1998 to include non-tariff measures -- the most comprehensive and easily accessible tariff database in existence.
APEC succeeded in bringing a new focus to work on six priority areas for economic development in the region:
- development of human resources
- stable and efficient capital markets
- technologies of the future
- infrastructure development
- assistance to small and medium-sizedbusinesses
- sustainable growth

APEC agreed on a framework for co-operation on infrastructure, including private-public partnerships for investing in infrastructure, and initiatives for future work in telecommunications, energy, transportation and basic urban infrastructure.
APEC agreed to examine ways to reduce the risks and better respond to the possibility of future financial crises in reaction to recent currency and stock market developments in the APEC region.
APEC completed an interim analysis of sustainability in the region, which focussed on an assessment of the impact of rapid economic development and population growth on food, energy and the environment.
APEC established plans to make cities more sustainable, to promote cleaner production processes and cleaner and environmentally sound technology; to protect the marine environment in the region; and to improve aviation safety.
APEC increased its outreach efforts and continued the exchange of ideas, views and priorities with business, from the working level to Ministers and Leaders.
APEC developed a framework for incorporating the concerns and priorities of small and medium-sized enterprises (SMEs) throughout its work.
APEC became a more transparent forum by making all final APEC documents public from 1997 onwards, and by welcoming several non-members into Working Group activities.
APEC launched an initiative to study the impact of trade and investment liberalization.
APEC engaged young people as never before, and agreed to hold a Ministerial Meeting on women in 1998.

Chapter2. 1997 Results

Chapter 3. Directions and Prospects for 1998

Next Stop: Kuala Lumpurp

Appendix. a Response to the 1996 Report of the APEC Business Advisory Council

Endnotes
Credits

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