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APEC: The Road Less Travelled By
The unique approach of voluntarism, consensus and open regionalism adopted by the Asia Pacific Economic Co-operation (APEC) forum would enable it to achieve greater regional prosperity and harmony and, by example, to lead the way in greater global liberalisation, the Financial Secretary, Mr Donald Tsang, said.
Speaking at the Foreign Correspondents' Club of Japan in Tokyo today (Tuesday), Mr Tsang said the bulk of liberalisation and deregulation under APEC would be carried out on the basis of autonomous plans which each member economy would draw up next year.
"This is liberalisation not by contract but by gentlemen's agreement. The success of this approach will depend on a high degree of trust," Mr Tsang said.
An Action Agenda which defines the future direction of APEC economic liberalisation was adopted by the APEC Economic Leaders in Osaka on Sunday.
"The Action Agenda is comprehensive in scope. It sets out a simple framework of principles and a clear process for the development, implementation, review and revision of both individual and collective action plans.
said.
"This is a remarkable achievement for such a young organisation," Mr Tsang
Mr Tsang said the Osaka meeting was significant because it represented a remarkable consensus that more progress could be made on liberalisation and deregulation through consultation and co-operation than by confrontation and coercion.
"It is this voluntarist aspect which differentiates APEC from other trade liberalising endeavours," he said.
"Hong Kong has warmly supported the development of this new, voluntarist approach because it accords so well with our own economic philosophy and experience.
"We already practise free trade. We charge no tariffs, we impose no quota and we allow no exceptions.
"We will bring our own experience to these discussions. We will bring the experience of a small economy with few resources other than the determination of its people.