China, Japan, South Korea and several Asean members may not have calmed
down over maritime disputes during the prestigious Asia-Pacific Economic Cooperation
(Apec) summit. But to the extent of economic deals, there is one to celebrate
by the club of 21 economies, particularly by developed nations.
A concrete outcome of the summit
is undoubtedly the historic US-initiated consensus of 54 environmental goods to
be included on the list of products subject to tariff caps of up to 5 per cent
by 2015.
The goal to draft such a list was
first formulated by the World Trade Organisation (WTO) back in 2001, but to no
avail.
"An important achievement
was the adoption of the list of environmental goods," said Russian
President Vladimir Putin. "Our effort to implement arrangements and to
reduce duties on environmental goods was tough, but at the end of the day we
managed to adopt a credible list."
He was speaking at a news
conference after the end of the Apec summit on Sunday on Russkiy Island, off
the coast of Vladivostok.
"Under the umbrella of the
WTO, similar efforts have already been proceeding for more than 10 years - and
so far they have brought no results," he said. "Meanwhile, we were
able to accomplish this list in just a few months, and this list of
environmental goods was finalised during the meeting."
Indonesia, which first strongly
opposed the pact, finally agreed to the deal after the United States pledged to
ease barriers to the import of the country's crude palm oil (CPO).
The US Environmental Protection
Agency added Indonesia's CPO to its blacklist of imported commodities in
January based on allegations that the product entailed emissions of more carbon
than the agency's regulations allowed.
"There will be a positive
prospect for our CPO in a couple of months," Indonesian President Susilo
Bambang Yudhoyono said in response to the Apec green-goods pact. "Barriers
for the product may be eased, even before 2015. There'll no longer be any
obstruction in the trade of our CPO."
Since its inception in 1989, Apec
has helped reduce tariffs and other barriers to trade across the Asia-Pacific
region. Business transaction costs were cut by 5 per cent between 2006 and
2010, according to the Apec Secretariat, representing cost savings of close to
US$59 billion (Bt1.85 trillion) for business.
Apec leaders also backed Europe's
move to safeguard the euro area, and pledged to refrain from imposing new trade
restrictions through 2015.
"The financial markets
remain fragile, while high public deficits and debts in some advanced economies
are creating strong headwinds to economic recovery globally. The events in
Europe are adversely affecting growth in the region," said the leaders'
joint statement.
"In such circumstances, we
are resolved to work collectively to support growth and foster financial
stability, and restore confidence."
Although Apec is designed as an
economic framework aimed at liberalising and integrating trade within the
Pacific Rim region, the forum is often used to help ease tensions among its
members.
Because any decision in the forum
is by nature non-binding, leaders feel more comfortable to attend it, uniting
many disputed nations into one forum.
US Secretary of State Hillary
Rodham Clinton, for example, urged Japan and South Korea to cool their tempers
over their territorial disputes during the Apec summit.
"I raised these issues with
both of them," Clinton said after meeting with Japanese Prime Minister
Yoshihiko Noda and South Korean President Lee Myung-bak.
Rendi Witular
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