World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


APEC addressing changing growth patterns: Bollard

Issued by the APEC Secretariat

Hong Kong, China, 13 Jan 2014 - “We are now seeing a shift toward domestic demand-driven growth and an increase in services trade as opposed to predominantly trade-driven growth that focused on manufactured and processed goods that occurred in region over the last three decades,” explained Dr Alan Bollard when he delivered a keynote speech in Hong Kong, China on Monday.

Dr Bollard, the APEC Secretariat’s Executive Director, made this assessment when delivering remarks on the changing patterns of trade and investment influencing growth in the Asia-Pacific and the way trade moves across economies through new initiatives at the border and across the border at the Asian Financial Forum where he addressed members of the global financial and business community.

These changing growth patterns, coupled with the increasingly complex way goods and services move across borders, from e-commerce to value-added supply chains, are impacting the economic environment and the way APEC addresses cross-border trade.

“Most production used to be “made-here/sold-there” and was vertically integrated within large firms,” said Dr Bollard. “Rules of origin and value-added were simple concepts.”

“But today, we are seeing an increase in intermediate goods, intra-industry trade and supply chains, which use border transactions more aggressively and help SMEs to globalise,” he continued. “As a result, rules of origin and value added are much more complex.”

For example, the Apple iPhone supply chain is a complicated web that extends throughout the Asia-Pacific region. With research, development and design in the United States to chip manufacturing in Malaysia, fingerprint sensors fabricated in Chinese Taipei and inductor coils made in Japan, the Apple iPhone eventually ends up in China for final assembly.

In response to this web of cross-border movement and subsequent increased intra-APEC trade, APEC’s Supply Chain Connectivity initiative streamlines border regulations so supplier components can seamlessly move across regional boundaries.

“Today, efficient borders are recognised as a source of competitive advantage,” explained Dr Bollard. “APEC members are working toward reducing the red tape and heavy policing that slows down goods getting across borders.”

“Increasingly border regulation in APEC member economies is being streamlined through single window, harmonised, contracted operations.”

However, as borders become more open, criminal and undesirable movements can take advantage. As a result, APEC is working on new technologies and international arrangements to help deter this.

“As APEC innovates new initiatives to accelerate economic integration in the Asia-Pacific, we are moving toward frontiers of the future and the Free Trade Area of the Asia-Pacific (FTAAP), as envisioned by APEC Economic Leaders,” concluded Dr Bollard.

“We will always have international borders, but we can ensure they are configured to promote trade and regional prosperity.”

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Julie Webb-Pullman: Palestinian National Unity Government

A national unity government. Elections. A new-look PLO. Community reconciliation. Big hopes, even bigger expectations as representatives of the Palestinian Liberation Organisation (PLO) and Hamas came to an agreement in Gaza today to form a national unity government and hold elections. More>>

ALSO:

Whaling: Japan’s Institute for Cetacean Research In Defiance Of World Court Ruling

The ICR Today Filed Court Briefs Stating They Intend to Return to Antarctica to Hunt Whales in 2015-2016; Will Seek to Enjoin Other Sea Shepherd Entities from Obstructing Their Operations More>>

Ukraine: UN Urges 'Maximum Restraint' Amid Situation In East Ukraine

Deeply concerned by the deteriorating situation in eastern Ukraine, United Nations Secretary-General Ban Ki-moon has called for maximum restraint and appealed to all sides to work towards calming the situation, which has the 'growing potential' to ... More>>

United Nations: Children Can Now Lodge Complaints With The UN

GENEVA (14 April 2014) – United Nations child rights experts have hailed a new treaty that allows children to complain directly to the UN Committee on the Rights of the Child about alleged violations of their rights. More>>

India: Election But A Ritual In Nation Lacking Rule Of Law

The Asian Human Rights Commission (AHRC) congratulates the people of India for their participation to elect the 16th Lok Sabha. The process has attracted, as usual, considerable media attention across the world. Media claims the process to be 'the largest democratic ... More>>

Solomon Islands: Thousands Remain Affected After Flash Floods

An estimated 52,000 people remain affected in the worst-hit areas of Honiara and greater Guadalcanal following last week’s devastating floods which killed at least 23 people. More>>

ALSO:

World: Some 437,000 People Murdered Worldwide In 2012 - UN

Almost half a million people across the world lost their lives in 2012 as a result of intentional homicide, with the highest murder rates logged in the Americas and Africa, and the lowest in Europe, Asia and Oceania, the United Nations Office on ... More>>

Central African Republic:: Security Council Establishes UN Peacekeeping Mission

Deeply concerned about the deteriorating security situation and ongoing human rights abuses in the Central African Republic (CAR), the Security Council today approved the establishment of a nearly 12,000-strong United Nations peacekeeping operation ... More>>

ALSO:

Parliament: NZ Sending Aid Flight To Solomons

Foreign Affairs Minister Murray McCully has announced further support for the response to severe flooding in Solomon Islands. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news