As tariffs have declined in the APEC region, attention has gradually shifted to the structural and regulatory obstacles that inhibit cross-border trade and investment and that create behind-the-border barriers to doing business.
The Economic Committee (EC) works to remove these obstacles by promoting structural reform within APEC. Structural reform consists of improvements made to institutional frameworks, regulations and government policies so that the efficient functioning of markets is supported, and behind-the-border barriers are reduced. Such work is expected to generate significant benefits and remains relevant for many current economic policy debates, including the issues related to the prospects of avoiding the middle-income trap.
In 2004, APEC Leaders endorsed an ambitious work program called the Leaders' Agenda to Implement Structural Reform (LAISR). The agenda covers five areas for structural policy reform: regulatory reform, competition policy, public sector governance, corporate governance, and strengthening economic and legal infrastructure.
Building on the work in these five areas, APEC's structural reform agenda was expanded beyond the LAISR's priority areas through the APEC New Strategy for Structural Reform (ANSSR) initiative launched in 2010. In 2015, APEC Ministers endorsed a Renewed APEC Agenda for Structural Reform (RAASR), which will guide APEC’s work on structural reform until 2020.
The RAASR aims for a robust, comprehensive and ambitious structural reform agenda to reduce inequality and stimulate growth in APEC economies, and contribute to APEC’s overarching goal to promote balanced, inclusive, sustainable, innovative and secure growth, through measures in line with the following three pillars:
- more open, well-functioning, transparent and competitive markets;
- deeper participation in those markets by all segments of society, including MSMEs, women, youth, older workers and people with disabilities;
- sustainable social policies that promote the above-mentioned objectives, enhance economic resiliency, and are well-targeted, effective and non‑discriminatory.
The EC was established in 1994 and meets twice a year. The EC also works closely with other relevant APEC fora including the Competition Policy and Law Group, the Committee on Trade and Investment, Finance Ministers’ Process and Human Resources Development Working Group.
Last page update: September 2018
The EC supports APEC priorities by working on the implementation of the five-year Renewed APEC Agenda for Structural Reform (RAASR) mandate, endorsed by the Structural Reform Ministerial Meeting (SRMM) held in Cebu, the Philippines, in September 2015.
The latest meeting of the EC took place in Port-Moresby, Papua New Guinea on 14-15 August 2018 (meeting summary) and was followed by the High-Level Structural Reform Officials’ Meeting on 16-17 August 2018, which produced 10 Structural Reform Priorities and Gaps to Fill as a list of potential activities for EC to focus on until 2020. In August 2018, EC also held the 11th APEC Conference on Good Regulatory Practices, which focused on regulation in the digital age (conference materials).
The EC’s annual economic policy reports can be found here.
Report: Asia-Pacific Business Environment Improves 7.3%
Setting Up Business in APEC Now 50% Faster
Supply Chain Financing Key to Global SMEs
Report: Asia-Pacific Growth Hinges on Consumption via Reform
Inclusiveness Key to Stimulating Consumer Spending and Economic Growth
Bollard: Asia-Pacific Growth at a Crossroads
APEC Senior Officials Lay Groundwork for New Era of Growth
‘Inclusive Economies’ Key to Asia-Pacific Growth, Says Bollard
APEC Launches New Assault on Inequality
Media Registration Open for First APEC Senior Officials’ Meeting in 2015
Since 2004, APEC’s structural reform agenda—through the Leaders’ Agenda to Implement Structural Reform (LAISR) and the subsequent APEC New Strategy for Structural Reform (ANSSR)—has made a strong contribution to efforts to reduce behind-the-border barriers and promote balanced, inclusive and sustainable growth in the region.
Mr Robert Logie
Mr Pavel BRONNIKOV