Early Apec submissions speed up push to reduce trade tariffs
The prospect of a free trade area around the Pacific Rim, including Hong Kong and China, could have been advanced by the submission of crucial plans to reduce trade tariffs by all 18 members of the Asia-Pacific Economic Co-operation (Apec).
Member country senior officials meeting in Cebu presented proposals for dismantling or reducing trade barriers by 2010 for developed nations, and 2020 for under-developed Apec members.
'We are pleasantly surprised all the economies were able to submit their IAPs [individual action plans],' meeting vice-chairman Antonio Basilio said.
There had been concern only a handful of Apec countries would bring tariff reduction proposals to the meeting, which is being held to finalise action plans to put before a key ministers summit in Subic Bay in November.
With all 18 countries having submitted IPAs, chances have increased of real progress being made at the November meeting, called to draw up the 1996 Manila Action Plan for Apec (Mapa '96).
But the question remains, how acceptable will the proposals for individual countries prove to be? If there are wide gaps between offers, months of wrangling may lie ahead, although officials stress Apec is about voluntary adjustments.
More than 200 officials and delegates are attending the four-day meeting to advance plans for the Subic Bay summit.