APEC to mull ways to share benefits of globalization.TOKYO, Nov. 8 Kyodo The Asia-Pacific Economic Cooperation Asia-Pacific Economic Cooperation: see under Pacific Rim. (APEC APEC in full Asia-Pacific Economic Cooperation Trade group established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional economic blocs (such as the European Union and the North American Free Trade Area) ) forum is poised to explore next week ways to ensure the benefits of globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation are equally shared by all economies in the region, especially in trade-related areas. The 21-member APEC is expected to draw up a strategic plan to help developing economies ride the crest of globalization during high-level talks that start in Brunei on Sunday, APEC officials said. The plan will feature increased assistance for human resource development to help poorer economies implement World Trade Organization (WTO See World Trade Organization. ) agreements and persuade them of the merits of trade liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . , the officials said. APEC's developed economies believe such assistance is indispensable to get a new round of WTO-sponsored multilateral trade liberalization negotiations launched early, as many developing nations fear that further trade liberalization would only benefit developed countries, the officials said. APEC is due to hold a joint foreign and trade ministerial gathering on Sunday and Monday and a summit on Nov. 15-16, both in Bandar Seri Begawan Bandar Seri Begawan (bän`där sĕr`ē bĕgä`wän), city (1991 est. pop. 46,229), capital and chief port of the sultanate of Brunei, of which it is also the business and commercial center. , the capital of this year's chair, Brunei. The regional group is expected to reaffirm the importance of launching the new WTO round at an early date, although sharp differences remain unsettled over what items should be on the round's agenda. The new round was supposed to have been launched early this year, but has been delayed due to differences among WTO members mainly on labor protection, antidumping an·ti·dump·ing adj. Intended to discourage importation and sale of foreign-made goods at prices substantially below domestic prices for the same items. rules and agriculture. APEC members will also compare notes on how to ensure the information technology (IT) revolution pays dividends to all, the APEC officials said. Specifically, APEC is likely to discuss ways to narrow the ''digital divide,'' or the gap between IT haves and have-nots, in the Asia-Pacific region, the officials said. Meantime, Japan will propose that APEC members compile individual action plans to expedite economic and technical cooperation in addition to the action plans they are already required to draw up for trade and investment liberalization, Japanese government officials said. Under an agreement by their leaders in Bogor, Indonesia, in 1994, APEC members are committed to liberalizing trade and investment by 2010 for developed economies and by 2020 for developing ones. The members began unveiling individual action plans specifying how they intend to move toward the Bogor goal in 1996, and have since been updating them every year. On economic structural reform in the region, a major topic since last year, APEC is to adopt a progress report on such areas as corporate restructuring and legal reforms, as well as assistance to small and medium-sized enterprises, the APEC officials said. APEC is also expected to exchange opinions on free trade agreements, which have been attracting growing interest within the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. in recent years, and on high crude oil prices. Formed in 1989, APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Papua New Guinea Papua New Guinea (păp` ə, –y , Peru, the Philippines, Russia, Singapore, South
Korea, Taiwan, Thailand, the United States and Vietnam.
With a combined population of 2.5 billion, these economies generate about 60% of world economic activity and some 50% of global trade. |
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