APEC in 1996 and Beyond: The Subic Summit
C. Fred Bergsten
No WP96-12, Working Paper Series from Peterson Institute for International Economics
At their initial summit in Seattle in 1993, the APEC leaders decided to create "a community of Asia Pacific economies" and spurred the successful conclusion of the Uruguay Round in the GATT. In Indonesia in 1994, the leaders agreed via their Bogor Declaration "to achieve free and open trade and investment in the region" by dates certain--2010 for the industrial countries that make up 85 percent of APEC trade and 2020 for the rest. This is potentially the most sweeping trade agreement in history, committing half the world economy to eliminate all barriers to exchange among them. In addition, APEC has consistently pledged to promote further liberalization of the global trading system under its doctrine of "open regionalism."
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