APEC Japan 2010 Economic Leaders' Meeting Summary

November 14, 2010
Ministry of Foreign Affairs
Ministry of Economy, Trade and Industry

1. Summary (General Overview)

1. (1) During the APEC Economic Leaders' Meeting held in Yokohama between November 13 and 14, 2010, the Leaders discussed the themes of regional economic integration, the APEC Leaders' Growth Strategy, human security, and the future of the Asia-Pacific region. Based on these discussions, the Leaders' Declaration, "The Yokohama Vision - Bogor and Beyond," was adopted. The Vision lays out paths toward APEC becoming a more "Economically-integrated community" that promotes stronger and deeper regional economic integration, a more "Robust community" higher quality of growth, and a more "Secure community" that provides a more secure economic environment.
2. (2) Leaders endorsed the Report on APEC's 2010 Economies' Progress Towards the Bogor Goals Agreement, and they agreed to take concrete steps toward realization of a Free Trade Area of the Asia-Pacific (FTAAP), which is a major instrument to further APEC's regional economic integration agenda. In addition, they formulated the first comprehensive and long-term growth strategy for the Asia-Pacific region, which is the center of world economic growth. Leaders also agreed to safeguard human security by focusing on food security, disaster management, infectious disease preparedness, anti-corruption, and counter-terrorism efforts.

2. Summary (Detailed Discussions)

(1) Discussions at the Welcome Working Lunch(11/13, noon):

1. a. Under the theme of "Sustainable Growth and Prosperity for the Region," the Leaders focused their discussion on the Growth Strategy and human security. Japan's Prime Minister Naoto Kan pointed out that the Asia-Pacific region bears a heavy burden of responsibility in leading global growth, and as such it is important to discuss shared approaches to regional policies and utilize the approaches in the initiatives of each economy to keep the region on the path to sustainable growth.
2. b. Leaders confirmed their view of the current economic situation, namely that the Asia-Pacific region has achieved stronger growth than other regions and continues to support overall global growth. They recognized that as the risk of further economic setbacks still remain, cooperation under the auspices of APEC will continue to play an important role. The participants also discussed the importance of addressing issues such as imbalances, domestic structural reform, and the need to eliminate societal gaps.

(2) Session 1 Discussions (11/13, afternoon):

1. a. International Monetary Fund Managing Director Dominique Strauss-Kahn and World Bank Group President Robert B. Zoellick joined the Leaders' lunch as guest lead-off speakers. Keeping in mind the outcomes of the just-concluded G20 Seoul Summit, Leaders exchanged views on the current international economic situation and agreed that it is important for APEC and the G20 to supplement each others' cooperative regional economic, trade, and financial efforts. Leaders recognized the importance of APEC's role, particularly, in the areas of trade and investment.
2. b. There was strong support for the timely formulation of the first comprehensive and long-term Growth Strategy against the backdrop of APEC's continuing recovery from the global financial crisis. Leaders also discussed in detail the importance of pursuing initiatives under the Growth Strategy attributes of "Balanced Growth," "Inclusive Growth," "Sustainable Growth," "Innovative Growth," and "Secure Growth." Leaders also voiced support for concrete actions in the areas of green growth and structural reform.

(3) Session 2 Discussions (11/14, morning):

1. a. Leaders discussed the Bogor Goals, regional economic integration, and the future of APEC. Prime Minister Kan started the discussion by saying that Japan is using this APEC Economic Leaders' Meeting as a starting point for the further "opening" of Japan, showing its determination to pursue further liberalization in the global economic system. Prime Minister Kan also introduced the basic policy on comprehensive economic partnerships set forth by his cabinet on November 9, showing Japan's intent to assertively contribute to the formulation of FTAAP.
2. b. Many economies showed support for Japan's involvement in the Trans-Pacific Partnership (TPP). After further discussion, Leaders confirmed that an FTAAP should be pursued as a comprehensive free trade agreement by developing and building on ongoing regional undertakings, such as ASEAN+3, ASEAN+6, and the TPP, among others. Leaders also agreed that APEC should make an important and meaningful contribution as an incubator of an FTAAP, and that APEC should contribute to the pursuit of an FTAAP by continuing and further developing its work on sectoral initiatives in such areas as investment, services, and trade facilitation.
3. c. Leaders confirmed their recognition of 2011 as a "window of opportunity" for reaching a successful conclusion to the Doha Round and of APEC's responsibility to contribute substantively to advancing the negotiations to the final stage. Leaders also expressed their determination to resist protectionism, agreeing to extend the standstill commitment made in Lima Declaration in 2008 until 2013. Leaders also expressed concern on export restrictions.

(4) Partnerships with Business

At this APEC Economic Leaders' Meeting, Prime Minister Kan engaged in dialogue with the APEC Business Advisory Council (ABAC) members and delivered a speech to regional business leaders at the APEC CEO Summit on realizing Japan's "Heisei [Economic] Opening."