Asia-Pacific Economic Cooperation (APEC) Summit 2011: The Honolulu Declaration

APEC summit 2011 was held in Honolulu, Hawaii from 8 November to 13 November 2011. Under the chairmanship of US President Barak Obama, leaders of the Asia-Pacific Economic Cooperation (APEC) forum agreed a comprehensive set of measures to increase economic growth and job creation by expanding trade and investment in the Asia-Pacific region.  Leaders agreed to adopt market-driven innovation policies, reduce tariffs and eliminate other barriers to trade in environmental goods and services, and improve regulatory environments to reduce unnecessary burdens on businesses.

The APEC leaders vowed to set a model for innovation that is market-driven and non-discriminatory, not government-directed and protectionist, in recognition of the key role entrepreneurship plays in increasing productivity and ensuring economic growth. US supported the need to show leadership to launch negotiations to expand the product scope and membership of the WTO Information Technology Agreement. This could create significant market-enhancing opportunities for U.S. high-tech companies.

APEC nations encouraged small and medium-sized businesses to trade in the region by exempting more low-value shipments from customs duties and simplifying customs requirements and documentation. They planned to launch an APEC Travel Facilitation Initiative to make travel in the region easier, faster, and more secure. US supported promotion of domestic structural reforms in APEC economies to minimize barriers to market-based incentives and to facilitate competition and opportunities for U.S. exporters.

The leaders agreed to improve food security by extending an APEC-wide standstill on agricultural export restrictions. They vowed promotion of growth by taking concrete actions to expand economic opportunities for women in the Asia-Pacific region.

As part of the larger commitment to promoting a green economy, APEC leaders agreed to support sustainable growth and create green jobs. They agreed to develop a list in 2012 of environmental goods on which APEC economies would reduce applied tariffs to 5% or less by 2015, and eliminate non-tariff barriers to environmental goods and services.

APEC member nations committed to implement a set of good regulatory practices, including ensuring internal coordination of rulemaking, assessing impacts of regulations, and conducting public consultation, in order to reduce unnecessary burdens on businesses, costing time and money. They also planned to improve the quality of regulations and standards for emerging green technologies like smart grid, green buildings, and solar technologies to reduce technical barriers to trade in those products.

About APEC

APEC stands for Asia-Pacific Economic Cooperation. APEC’s 21 member economies account for 55 % of global GDP; 58 % of U.S. goods exports, and comprise a market of 2.7 billion consumers. Seven of America’s top 15 trade partners come under APEC.

Through APEC, the United States works to create jobs and growth by tackling a wide range of economic issues critical to long-term prosperity. APEC works closely with the private sector and other stakeholders to ensure that activities reflect the region’s economic needs.

APEC’s first meeting was held in Blake Island near Seattle, Washington in 1993.

APEC’s member economies

1. The United States, 2. Australia, 3. Brunei Darussalam, 4. Canada, 5. Chile, 6. China, 7. Hong Kong, 8. Indonesia, 9. Japan, 10. South Korea, 11. Malaysia, 12. Mexico, 13. New Zealand, 14. Papua New Guinea, 15. Peru, 16. The Philippines, 17. Russia, 18. Singapore, 19. Chinese Taipei (Taiwan), 20. Thailand, and 21. Vietnam.