    [Weekly Compilation of Presidential Documents Volume 30, Number 46 (Monday, November 21, 1994)]
    [Pages 2400-2403]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    APEC Economic Leaders' Declaration of Common Resolve, Bogor, Indonesia

    November 15, 1994

        1. We, the economic leaders of APEC, came together in Bogor,
    Indonesia today 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.
        2. A year ago on Blake Island in Seattle, USA, we recognized that
    our diverse economies are becoming more interdependent and are moving
    toward a community of Asia Pacific economies. We have issued a vision
    statement in which we pledged:
        --to find cooperative solutions to the challenges of our rapidly
          changing regional and global economy;
        --to support an expanding world economy and an open multilateral
          trading system;
        --to continue to reduce barriers to trade and investment to enable
          goods, services and capital to flow freely among our economies;
        --to ensure that our people share the benefits of economic growth,
          improve education and training, link our economies through
          advances in telecommunication and transportation, and use our
          resources sustainably.
        3. We set our vision for the community of Asia Pacific economies
    based on a recognition of the growing interdependence of our
    economically diverse region, which comprises developed, newly
    industrializing and developing economies. The Asia Pacific
    industrialized economies will provide opportunities for developing
    economies to increase

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    further their economic growth and their level of development. At the
    same time developing economies will strive to maintain high growth rates
    with the aim of attaining the level of prosperity now enjoyed by the
    newly industrializing economies. The approach will be coherent and
    comprehensive, embracing the three pillars of sustainable growth,
    equitable development and national stability. The narrowing gap in the
    stages of development among the Asia Pacific economies will benefit all
    members and promote the attainment of Asia Pacific economic progress as
    a whole.
        4. As we approach the twenty-first century, APEC needs to reinforce
    economic cooperation in the Asia Pacific region on the basis of equal
    partnership, shared responsibility, mutual respect, common interest, and
    common benefit, with the objective of APEC leading the way in:
        --strengthening the open multilateral trading system;
        --enhancing trade and investment liberalization in Asia Pacific; and
        --intensifying Asia Pacific development cooperation.
        5. As the foundation of our market-driven economic growth has been
    the open multilateral trading system, it is fitting that APEC builds on
    the momentum generated by the outcome of the Uruguay Round of
    Multilateral Trade Negotiations and takes the lead in strengthening the
    open multilateral trading system.
        We are pleased to note the significant contribution APEC made in
    bringing about a successful conclusion of the Uruguay Round. We agree to
    carry out our Uruguay Round commitments fully and without delay and call
    on all participants in the Uruguay Round to do the same.
        To strengthen the open multilateral trading system we decide to
    accelerate the implementation of our Uruguay Round commitments and to
    undertake work aimed at deepening and broadening the out come of the
    Uruguay Round. We also agree to commit ourselves to our continuing
    process of unilateral trade and investment liberalization. As evidence
    of our commitment to the open multilateral trading system we further
    agree to a standstill under which we will endeavour to refrain from
    using measures which would have the effect of increasing levels of
    protection.
        We call for the successful launching of the World Trade Organization
    (WTO). Full and active participation in and support of the WTO by all
    APEC economies is key to our ability to lead the way in strengthening
    the multilateral trading system. We call on all non-APEC members of the
    WTO to work together with APEC economies toward further multilateral
    liberalization.
        6. With respect to our objective of enhancing trade and investment
    in Asia Pacific, we agree to adopt the long-term goal of free and open
    trade and investment in Asia Pacific. This goal will be pursued promptly
    by further reducing barriers to trade and investment and by promoting
    the free flow of goods, services and capital among our economies. We
    will achieve this goal in a GATT-consistent manner and believe our
    actions will be a powerful impetus for further liberalization at the
    multilateral level to which we remain fully committed.
        We further agree to announce our commitment to complete the
    achievement of our goal of free and open trade and investment in Asia
    Pacific no later than the year 2020. The pace of implementation will
    take into account the differing levels of economic development among
    APEC economies, with the industrialized economies achieving the goal of
    free and open trade and investment no later than the year 2010 and
    developing economies no later than the year 2020.
        We wish to emphasize our strong opposition to the creation of an
    inward-looking trading bloc that would divert from the pursuit of global
    free trade. We are determined to pursue free and open trade and
    investment in Asia Pacific in a manner that will encourage and
    strengthen trade and investment liberalization in the world as a whole.
    Thus, the out come of trade and investment liberalization in Asia
    Pacific will not only be the actual reduction of barriers among APEC
    economies but also between APEC economies and non-APEC economies. In
    this respect we will give particular attention to our trade with non-
    APEC developing countries to ensure that they will also benefit from our
    trade and investment liberalisation, in conformity with GATT/WTO
    provisions.

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        7. To complement and support this substantial process of
    liberalisation, we decide to expand and accelerate APEC's trade and
    investment facilitation programs. This will promote further the flow of
    goods, services and capital among APEC economies by eliminating
    administrative and other impediments to trade and investment.
        We emphasize the importance of trade facilitation because trade
    liberalization efforts alone are insufficient to generate trade
    expansion. Efforts at facilitating trade are important if the benefits
    of trade are to be truly enjoyed by both business and consumers. Trade
    facilitation has also a pertinent role in furthering our goal of
    achieving the fullest liberalization within the global context.
        In particular we ask our ministers and officials to submit proposals
    on APEC arrangements on customs, standards, investment principles and
    administrative barriers to market access.
        To facilitate regional investment flows and to strengthen APEC's
    dialogue on economic policy issues, we agree to continue the valuable
    consultations on economic growth strategies, regional capital flows and
    other macro-economic issues.
        8. Our objective to intensify development cooperation among the
    community of Asia Pacific economies will enable us to develop more
    effectively the human and natural resources of the Asia Pacific region
    so as to attain sustainable growth and equitable development of APEC
    economies, while reducing economic disparities among them, and improving
    the economic and social well-being of our peoples. Such efforts will
    also facilitate the growth of trade and investment in the Asia Pacific
    region.
        Cooperative programs in this area cover expanded human resource
    development (such as education and training and especially improving
    management and technical skills), the development of APEC study centres,
    cooperation in science and technology (including technology transfer),
    measures aimed at promoting small and medium scale enterprises and steps
    to improve economic infrastructure, such as energy, transportation,
    information, telecommunications and tourism. Effective cooperation will
    also be developed on environmental issues, with the aim of contributing
    to sustainable development.
        Economic growth and development of the Asia Pacific region has
    mainly been market-driven, based on the growing interlinkages between
    our business sectors in the region to support Asia Pacific economic
    cooperation. Recognizing the role of the business sector in economic
    development, we agree to integrate the business sector in our programs
    and to create an ongoing mechanism for that purpose.
        9. In order to facilitate and accelerate our cooperation, we agree
    that APEC economies that are ready to initiate and implement a
    cooperative arrangement may proceed to do so while those that are not
    yet ready to participate may join at a later date.
        Trade and other economic disputes among APEC economies have negative
    implications for the implementation of agreed cooperative arrangements
    as well as for the spirit of cooperation. To assist in resolving such
    disputes and in avoiding its recurrence, we agree to examine the
    possibility of a voluntary consultative dispute mediation service, to
    supplement the WTO dispute settlement mechanism, which should continue
    to be the primary channel for resolving disputes.
        10. Our goal is an ambitious one. But we are determined to
    demonstrate APEC's leadership in fostering further global trade and
    investment liberalization. Our goal entails a multiple year effort. We
    will start our concerted liberalization process from the very date of
    this statement.
        We direct our ministers and officials to immediately begin preparing
    detailed proposals for implementing our present decisions. The proposals
    are to be submitted soon to the APEC economic leaders for their
    consideration and subsequent decisions. Such proposals should also
    address all impediments to achieving our goal. We ask ministers and
    officials to give serious consideration in their deliberations to the
    important recommendations contained in the reports of the Eminent
    Persons Group and the Pacific Business Forum.
        11. We express our appreciation for the important and thoughtful
    recommendations contained in the reports of the Eminent Persons Groups
    and the Pacific Business Forum.

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    The reports will be used as valuable points of reference in formulating
    policies in the cooperative framework of the community of Asia Pacific
    economies. We agree to ask the two groups to continue with their
    activities to provide the APEC economic leaders with assessments of the
    progress of APEC and further recommendations for stepping up our
    cooperation.
        We also ask the Eminent Persons Group and the Pacific Business Forum
    to review the interrelationships between APEC and the existing sub-
    regional arrangements (AFTA, ANZERTA and NAFTA) and to examine possible
    options to prevent obstacles to each other and to promote consistency in
    their relations.

    Note: The joint statement was made available by the Office of the Press
    Secretary but was not issued as a White House press release.