[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.