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Publication: Lianhe Zaobao, p 12Date: 22 November 2009Headline: Key word for APEC is "growth"
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SingaporePressHoldingsLimited.Permissionrequiredforreproduction.
Publication: Lianhe Zaobao, p 12Date: 22 November 2009Headline: Key word for APEC is “growth”
Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction.
Key word for APEC is “growth”
Balanced Growth
On the topic of 'Balanced Growth', Associate Professor Gao says that current growth of majoreconomies are not even, primarily because developing nations and East Asia countries, whereChina is a key player, place emphasis on exports and savings. Meanwhile the US feels that China'sexport are highly price competitive because they have not factored in issues of labour welfare orclimate change into their production costs. In comparison, US products have high standards tomeet, resulting in higher production costs and thus weakening their cost-competitiveness.
Associate Professor Gao pointed out that the US had raised this matter in 1995 when the WorldTrade Organisation was formed under the Clinton administration but faced opposition fromdeveloping countries who said this was a labour movement issue. Hence this issue of "BalancedGrowth" is really an old issue brought up on the APEC platform to hopefully give it freshconsideration.
From another point of view, Associate Professor Gao felt that the US' notion of 'Balanced Growth' isnot just on the economic front, but also includes their thoughts that China should be taking greaterresponsibilities in international affairs.
Inclusive Growth
On various APEC delegates' concerns that some economies may move towards more protectionistpolicies, Associate Professor Gao felt that the US will also have their own take on the idea of'Inclusive Growth'. He says this arises from the US' own biases towards their trade protectionpolicies. So while the US is able to effect economic changes as a developed country, they wouldprefer to take diffferent levels of protectionism as reasonable to ensure the country as a whole canflorish.
Sustainable Growth
Associate Professor Gao says that environmental protection is a pressing issue. Even in the WTO,people have suggested adjusting custom duties on green products or to open up the market forgreen services as a priority. Most member countries agree with these ideas but the devil is in thedetails. For example, what products can be classified as green? While a bicycle may be a green, itsproduction processes are not. Different countries and even the APEC also have their own list ofgreen products so which ones should be the official one?
Rewards and insufficiency
Associate Professor Gao points out that of the original four smaller countries of the Trans-PacificStrategic Economic Partnership Agreement (TPP), SIngapore and New Zealand's progress towardsfree trade is the highest. So the initial idea was to use the Agreement as a blueprint for free trade inAsia-Pacific, demonstrating the ability of smaller nations to do 'big things'.
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