Asian Financial Institutions - Paper

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Individual Assignment

Asian Financial Institutions

5/30/2011
Lecturer: Pang Wee Pat
Student: Onon Nyambold

Executive Summary
The Bogor Declaration and the accompanying Non-Binding Investment Principles of 1994 have been repeatedly reaffirmed by the APEC Leaders as the driving force for investment liberalization in the Asia-Pacific Region. Some 15 years after their adoption and on the eve of the self-imposed deadline for industrialized member economies to achieve them, it is apparent that considerable progress in liberalization and facilitation of the investments regimes by member economies has been achieved. Overall, the thirteen selected APEC economies have reached a high level of investment liberalization and have set up transparent and conducive investment regimes However, all economies still maintain – to various degrees – sectoral investment restrictions in the form of prohibitions or capital ceilings, and some countries continue to apply - in addition to sectoral limitations – a general screening system for FDI. As recognized by the Bogor Goals, the pace of liberalization was to take into account differing levels of economic development among APEC economies. It is therefore not surprising that some of the reviewed economies have brought considerable changes to their investment regimes over the years whereas other economies that had fairly open regimes in 1995, did not have to undertake major changes. All thirteen selected economies are also actively engaged in investment promotion and facilitation (e.g. through investment incentives and the work of national investment promotion agencies). This progress has been largely achieved by unilateral efforts undertaken by the reviewed economies, with some requiring major policy changes reflected in the domestic investment regimes. In addition, international commitments as laid down in the numerous international investment agreements (IIAs), particularly FTAs/RTAs that these economies have concluded among themselves and with other APEC or non-APEC countries over the years, helped locking in unilateral progress, providing for an open, stable and predictable investment climate in the region, and thereby contributed to achieving the Bogor Goals. The interaction between unilateral and international liberalization and facilitation is a salient pattern of the APEC dynamics. The success of these economies underlines the validity of the Bogor Goals approach, acknowledging the different levels of economic development among the member economies. Table of Contents

1.0. Executive Summary2
2.1. APEC Informal Meeting……………………………………….……………………….4 2.2. ASEAN Summit in Singapore in 1992 ………………………………………………...5 2.3. Three landmark summits:
- The Osaka Agenda 1995 and its 3 pillars of actions………………………………..6 - The Shanghai Accord 2001 on trade facilitation plan……………………….……...7 - APEC meeting in Busan, Korea 2005………………………………………...…….7 2.4. Achievements and changes in the Asia- Pacific regions…………………………….8-9 3.0. Recommendation……………………………………………………………………...........10 4.0. Conclusion……………………………………………………………………………….....11 5.0. References…………………………………………………………………………………..12 6.0. Appendix…………………………………………………………........................................13

2.1. Apec Informal meeting
The Asia Pacific Cooperation (APEC) forum was launched at a ministerial meeting in November 1989. It began as an informal dialogue group of 12 Pacific Rim economies. It now considers itself a “formal institution” with a permanent secretariat located in Singapore; yet it is not formal in the sense EU is and still has loose structure. It’s found in 12 members were Australia, New Zealand, the United States, Canada, Japan, Korea, Thailand, Malaysia, Indonesia, the Philippines, Singapore, and Brunei Darussalam. Since its inception nine more countries joined, bringing the membership to 21 which are China, Taiwan, and Hong Kong; together the three are called greater China, Mexico, Papua...
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