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The PECC Discussion Forum provides op-eds and relevant news in the PECC community. The opinions contained in the Discussion Forum submissions are the sole responsibility of the authors and do not necessarily reflect those of PECC or its member committees.

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Sherry M. Stephenson
Senior Fellow
International Centre for Trade and Sustainable Development

Services have enabled manufacturing in the U.S. to become more efficient and competitive

Services have enabled manufacturers to take advantage of cutting edge technologies and become more productive. Services have also enabled manufacturers to grow the value of their operations from the initial stage of designing their products to the final stage of getting their products to their customers. Manufacturing has become a complex mix of many types of services, automation, and computer-driven production, with a large and growing share of value derived from the services components.

Consumer and capital goods increasingly embody a greater percentage of services. Manufacturing companies have increased their reliance on services for their inputs, and services constitute a significant portion of their outputs and revenue. Rather than thinking of manufacturing and services as separate economic activities in today’s economy, it is much more realistic and essential to think of them as having become inextricably intertwined. Manufacturing companies are now great users, producers and traders of services. It is in fact efficient services that make U.S. manufacturing more productive and give it a competitive edge in global markets. A new term, “servicification,” has been coined to describe the increasing use of services by manufacturing firms in their purchases and production, as well as their exports, pointing to the integrated role that services play in every step of the process (Swedish National Board of Trade). This is part of an overall global trend as noted in a recent OECD study on services and manufacturing which found that in the digital age, “services are part of a ‘business ecosystem’ where collaboration with customers, partners and contractors is the key to innovation and productivity.” (OECD 2017 study)

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in PECC Forum 1434

Pamela Mar
Director of Sustainability
Fung Academy/ Fung Group

 

Insights: In Conversation With

Pamela Mar looks at how Asia's manufacturers can survive, and prosper, amidst changing markets and technological disruption.

Writer’s Note:

APEC officials were in Vietnam for the 2nd Senior Officials Meeting in preparation for the APEC Leaders’ summit to be held in Vietnam later this year. Connectivity was high on the agenda, as it is viewed as an essential driver for deepening regional economic integration, which is one of APEC’s four key priorities. APEC has launched a 2025 Connectivity Blueprint and is following this up with mid-term goals for 2020.

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in PECC Forum 1189

Pamela Mar
Director of Sustainability
Fung Academy/ Fung Group

 

Insights: In Conversation With

Pamela Mar outlines the challenges faced by Asia's production centers in a world where connectivity has become more critical.

Writer’s Note:

APEC officials were in Vietnam for the 2nd Senior Officials Meeting in preparation for the APEC Leaders’ summit to be held in Vietnam later this year. Connectivity was high on the agenda, as it is viewed as an essential driver for deepening regional economic integration, which is one of APEC’s four key priorities. APEC has launched a 2025 Connectivity Blueprint and is following this up with mid-term goals for 2020.

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in PECC Forum 1448

Camilo Pérez-Restrepo
Professor in Asia-Pacific Studies / Deputy Coordinator of the Asia-Pacific Studies Center at Universidad EAFIT, Colombia

The Asia Pacific Economic Cooperation (APEC) is back in Latin America for the first time since 2008, when Peru hosted the forum amid the global economic crisis. At that time there were concerns about raising protectionism across the region and increasing demands to reform the global financial system. In 2016, APEC takes place again in Peru, in a new context of economic growth in most of its member economies, but also during a moment when important structural reforms are taking place to secure better quality growth and better conditions for human development.

This article provides Canadian policy makers and businesses with a fresh perspective on APEC, its priorities in 2016, and the role and influence of Latin American economies. After a brief overview of APEC, the article provides context for Latin America-Asia relations, a matter of importance in view of Peru’s chairing of APEC in 2016. Peru’s dual chairing of APEC and the Pacific Alliance will potentially see Peru capitalize on opportunities for convergence between the organizations. The article then explains the APEC 2016 agenda with reference to the Latin American context, and concludes with a discussion of implications for Canada.

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in PECC Forum 10380

Chien-Fu Lin
President, Taiwan Institute of Economic Research/ Chair, Chinese Taipei committee for PECC

In recent years, free trade agreements (FTAs) have proliferated in the Asia-Pacific region. Most importantly, the mega FTAs consisting of the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP) have come into existence and will certainly transform the trading environment, since their gross domestic product (GDP) shares are 38% and 29% of the world, respectively. At the same time, the Asia-Pacific Economic Cooperation (APEC) is developing the Free Trade Area of the Asia-Pacific (FTAAP) which will arise in the form of a mega FTA in the future. According to a study by APEC (APEC 2015), if the FTAAP is in place by 2025, it would bring a 4%-5% increase of GDP in the whole region from 2015 and 2% of world total GDP. In order to continue the dynamism that is taking place in Asia-Pacific regional economic integration (REI), it will be necessary to address the most important challenges, that is, the inclusiveness issue. The main purpose of this article is to examine the issue of inclusiveness in the mega FTAs from two dimensions. The first dimension is about inclusiveness through open membership of the mega FTAs while the second dimension focuses on the importance of assisting small and medium-sized enterprises (SMEs) to benefit from the mega FTAs.

Linking APEC FTAAP with TPP and RCEP
During the 2010 APEC Economic Leaders' Meeting, leaders made a significant point in the Yokohama Declaration that they will seek to realize the FTAAP. Particularly, the FTAAP will serve to enhance the advancement of APEC's regional economic integration. Moreover, the FTAAP will be pursued in the form of a comprehensive FTA through building on ASEAN+3, ASEAN+6, and the TPP (APEC 2010). With this important announcement, APEC has embarked actively on the quest for attaining the FTAAP that includes the linkage with regional mega FTAs.

...
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in PECC Forum 6761

Shujiro Urata
Faculty Fellow, Research Institute of Economy, Trade, and Industry (RIETI), Japan

After five and a half years of negotiations, the Trans-Pacific Partnership (TPP) agreement was reached on October 5, 2015. Yet it is too early to celebrate as the agreement must be ratified by the participating countries including those where anti-TPP protestors have significant political influence. The TPP is a free trade agreement (FTA) among 12 Asia-Pacific countries, which together account for approximately 40% of the world's gross domestic product (GDP). Not only is it extremely ambitious in the level of liberalization in trade in goods, investment, and services, but also comprehensive in its coverage, setting rules for such areas as electronic commerce, government procurement, intellectual property, labor, and the environment. The TPP has high potential to promote economic growth and improve people's living standards by facilitating the free cross-border movement of key factors of economic activity, such as goods, people, money, and information. Failure to bring the TPP into force would be a great loss to not only the TPP countries such as Japan and the United States but also the global economy.

TPP and the revitalization of the Japanese economy
Following the collapse of its economic bubble, Japan plunged into a prolonged period of stagnation which now has come to be referred to as the "lost two decades." Thanks to the expansionary monetary and fiscal policies under the leadership of Prime Minister Shinzo Abe and his second Cabinet formed in December 2012, the Japanese economy was boosted in 2013. But the effect was short-lived and the economy has been sluggish since 2014. The stagnation of the Japanese economy can be partly attributable to external factors such as a slowdown in the global economy. However, internal factors—i.e., a shrinking and aging population, massive government debts, and slow responses to structural problems such as the closed nature of the market—are more serious. In revitalizing the Japanese economy, which is currently in such a dire predicament, the TPP will be playing an important role.

...
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in PECC Forum 6483

Sanchita Basu Das
Yusof Ishak Institute of Southeast Asian Studies

At the last Asia Pacific Economic Cooperation (APEC) Summit in November 2015, the United States and China advanced their own set of interests with respect to trade agreements in the Asia-Pacific region. While the United States celebrated the conclusion of its Trans-Pacific Partnership (TPP) deal in early October 2015, China stressed the potential of a Free Trade Area of Asia-Pacific (FTAAP).

In his speech, President Xi Jinping promised to work to ‘finish at an early date negotiations for the Regional Comprehensive Economic Partnership (RCEP), while accelerating talks on a China–Japan–South Korea FTA.’

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in PECC Forum 5925

Jeffrey J. Schott
Senior Fellow, Peterson Institute for International Economics

Trade ministers from the 12 countries participating in the Trans-Pacific Partnership (TPP) trade negotiations concluded talks on October 5, 2015. Negotiations are done but there is much left to do before this mega-regional trade accord is ratified and implemented.

If Congress and the president work closely, a TPP vote could be taken by Congress by mid-2016. However, differences over the drafting of implementing legislation could delay a vote for an extensive period (as occurred with the Korea-US Free Trade Agreement).

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in PECC Forum 10536

Andrew Elek
ANU and member of AUSPECC

This article is cross-posted from the East Asia Forum website

The most important objective of international economic cooperation in 2011 is to conclude the Doha Round. The United States has the influence to do that if it is prepared to show political initiative and have realistic expectations of others.

The APEC group can also provide leadership within the G20 to tackle global problems. APEC’s Committee on Trade and Investment (CTI) can begin to set out a strategy on how the WTO might operate beyond the Doha Round. Bringing the WTO up to date with the 21st century world of international commerce is an essential dimension of cooperation to narrow development gaps.

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in PECC Forum 14461

Ippei Yamazawa
Professor Emeritus, Hitotsubashi University, Japan

2010 APEC Yokohama was completed three weeks ago with three major achievements, first the mid-term assessment of its Bogor target, second a concrete direction toward Free trade Area for the Asia-Pacific (FTAAP), and third APEC’s growth strategy. The first two give us a future prospect for APEC’s main activity of Trade Investment Liberalization and Facilitation (TILF), while the last packages its new initiatives undertaken for the past decade in order to combat with changing economic environment in the region. Discussion has so far focused on TPP as a possible route to FTAAP but others seem to be missed since the Yokohama meetings. This short essay aims to discuss both the first agenda and continued TILF of the second.

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in PECC Forum 6108

Peter A. Petri
Brandeis University
Senior Fellow at the East-West Center
Member of the US Asia Pacific Council

This article appeared in Nihon Keizai Shimbun, November 8, 2010 (in Japanese)

The intense debate in the Democratic Party of Japan—on whether Japan should join the Trans-Pacific Partnership (TPP) trade negotiations, an initiative spanning nine countries on both sides of the Pacific, including the United States—has far-reaching implications not just for Japan but for the region and the world.

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in PECC Forum 9107

Christopher Findlay
University of Adelaide
Vice-Chair AUSPECC

This article is cross-posted from the East Asia Forum website

Japanese politicians are still debating whether Japan should join the Trans-Pacific Partnership (TPP). TPP members are not allowed exclusions. Agriculture is the issue, specifically the domestic political constraints imposed by protection of that sector in Japan. At the same time, the business sector is pushing hard to join.

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in PECC Forum 10668

Senator Daniel Inoye
Chair
U.S. Senate Appropriation Committee

APEC Promotes Stability in the Asia-Pacific

YOKOHAMA, JAPAN (Nov. 12, 2010) – Speaking yesterday at the 2010 Asia-Pacific Economic Cooperation meeting in Yokohama, Japan, U.S. Senate Appropriation Committee Chairman Daniel K. Inouye (D-Hawai‘i) said the meeting comes at a time when “the interdependence among the world’s economies have reached a level never seen before.”

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in PECC Forum 11291

Yuen Pau Woo
President and CEO
Asia Pacific Foundation of Canada

Coordinator
State of the Region Report
State of the Region 2010-2011

The world economy has been on a roller coaster ride since the collapse of Lehman Brothers in September 2008. A deep plunge in economic output through the greater part of 2009 was followed by a sharp upturn, only to settle now into what can be described as a period of great uncertainty. Recovery in the US and Europe has been spotty, and the risk of another financial crisis remains present. Contrasting policy responses across the Atlantic further complicate the outlook, and underscore the differences among leading nations not only in prognosis but also in the type and degree of international coordination that is needed for sustained recovery.

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in PECC Forum 9709

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