Building an Asia-Pacific community - Bogor to Bali

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Building an Asia-Pacific community - Bogor to Bali - The headline achievements are impressive, to note just one - incomes in the region have more than doubled since 1994 from an average of US$10,000 to more than US$23,000. The journey to get to where we are today has not been easy. The region has been buffeted by economic crises, first in 1997-1998 and then in 2008-2009.

This crisis is not yet over, a number of Apec members recently enacting stimulus measures to kickstart growth, such as QE3 in the United States, Japan's new attempt to reflate its economy, and there is a possibility of new stimulus in China in response to a deteriorating external environment.


These measures, while focused on domestic growth, have some unintended consequences. We are seeing rising capital flows into Asia which poses challenges including the need to minimise the risks of asset bubbles and excessive credit expansion. There is already talk of "currency wars" and competitive devaluations. While the rhetoric makes for exciting reading, the world is far too complex for simplistic reasoning.

At the outset of the crisis, many had feared a descent into beggar-thy-neighbour polices, thus far, through the actions of the G-20 and Apec, we have avoided this. At this critical juncture, when nationalist sentiments are rising, we need more cooperation and understanding. Apec is the embodiment of bridging differences, and must continue to play its role in bringing a diverse community together.

ALMOST twenty years ago, the leaders of the Asia-Pacific region met in Bogor to "chart the future course of our economic cooperation which will enhance the prospects of an accelerated, balanced and equitable economic growth not only in the Asia-Pacific region, but throughout the world as well". In just a few months, Apec leaders will again meet in Indonesia, South-east Asia's largest economy. How far has the region come in achieving those goals and what more needs to be done?

Building an Asia-Pacific community - Bogor to Bali : Sources : http://www.businesstimes.com.sg/premium/perspective/others/bogor-bali-building-asia-pacific-community-20130223