APEC Dr. June Soomer, Adviser, Essay

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The services sector has become the largest component of many regional economies, and business is increasingly concerned about the efficiency, availability and security of economic infrastructure and supply chains (Strengthening Regional Economic Integration 2008).

Small and medium-sized enterprises (SMEs) have become key players in the new global business environment. They represent 90% of businesses in the APEC region. The effect of these developments on SMEs varies considerably. APEC therefore must be alert to the needs of SMEs to ensure they reach their full potential.

Strengthening regional economic integration will yield better results if it is accompanied by targeted capacity-building activities. A more focused and long-term approach in addressing the capacity-building needs of APEC members would contribute to more coordinated effort and outcome in enhancing regional economic integration.

The future for economic integration in the Asia-Pacific region is promising -- driven by open markets and rising living standards. While much of this process will be organic -- as businesses and consumers respond to factors such as emerging technologies and demographic trends -- our economies have a crucial role to play in shaping and nurturing economic integration. Poor policy choices are likely to result in slower growth and render the region as much less competitive globally.

Ramifications of APEC economic development for global business

APEC's achievements, judged against the events of recent years, indicate that the architecture remains sound. APEC is forward looking and the framework of openness, facilitation and capacity building remains a crucial agenda for progress. The challenges posed by the shifting landscape are essential to implementation and how to achieve progress on each of the three legs of APEC in a balanced manner (the First Decade Since Bogor: A Business Assessment of APEC's Progress 2005).

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Region-wide cooperation should add materially to the effectiveness of responses by APEC member economies. However, this will require continued intensive capacity building programs in APEC to improve and deepen financial systems and to improve skills and procedures in institutions. This should be an essential aspect of APEC's ongoing work. APEC should also support reforms to the international financial architecture to improve global responses in dealing with failures in domestic financial systems -- to prevent them from turning into sources of contagion capable of impacting region-wide or globally.

APEC should promote new regional issues that emerge from time to time. Another critical area is capacity building to support the development of SMEs and micro-enterprises, which constitutes the majority of businesses in the APEC region.

Success requires leadership. APEC must continue to provide this leadership on a regional basis and look for opportunities to redouble its efforts where possible. Member economies should take specific action to explicitly and unconditionally recognize the link between the goals of liberalization and the cooperative measures needed to improve capacities and to strengthen the region's institutions. All member economies need to work toward making that link better define the real intent of the Bogor declaration and give a constructive impetus to the attainment of the Bogor Goals in the time frame envisioned (the First Decade Since... 2005)......

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