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Osaka, Japan
19 November 1995
Your Excellency Prime Minister Tomiichi
Murayama,
Excellencies,
I am very pleased today to join my friends,
both old and new, in this beautiful city of Osaka to discuss
matters of vital importance relating to Asia-Pacific economic
cooperation. I wish to express my heartfelt thanks to Prime
Minister Murayama for his kind invitation and to the Japanese
Government for its thoughtful arrangements for the meeting.
Developing countries play an increasingly
important role in regional and global economic activities.
Their economic revitalization is of major significance to
the common prosperity not only in the Asia-Pacific region,
but the world at large. In discussing Asia- Pacific economic
cooperation, we need to put the issue of development of the
developing countries into a large picture with a historical
perspective.
To seek development amidst peace and stability
is a matter of top priority for the world today. As economic
life become more and more internationalized, economic links
between and among states have been growing with each passing
day. Production patterns, investment flows, financial exchanges,
science and technology, human resources development and environmental
protection have all transcended national boundaries. The increase
in world trade has far outpaced the growth of world economy.
Technological revolution is sweeping across all trades and
professions as economic activities grow steadily in scope
and assume faster speed. Such a global economy can not sustain
on the basis of prosperity of a few and backwardness of a
majority of countries. The world economy needs new driving
force. The world market needs fresh input. Without the economic
revitalization in the majority of the developing countries,
the world economy can not be sustained.
The developing countries, where the majority
of world's population call home, hold out tremendous potential
for development. Their current backwardness and poverty are
caused mainly by the past colonial rule and the present unfair
and irrational international economic system. More and more
developing countries, going along with the trend of internationalization
of the world economy and proceeding from their own national
conditions, have embarked or are beginning to embark on a
road of development with their own characteristics. Facts
have proved that this is the only way to success. The coming
century will see this trend grow even stronger. In my view,
if the political resurgence of the developing countries is
viewed as a major feature of the international evolution in
the second half of the 20th century, then their economic revitalization
will be a key hallmark of the new world pattern in the 21st
century. When developing countries become prosperous with
billions of people lifted from poverty, it will provide enormous
opportunities for trade and investment for all countries.
There will be more markets for new technologies and industries.
It also helps to instill vitality into the global economy,
propelling it onto a new development stage. Meanwhile, the
revitalization of the developing countries will bring about
a sound underpinning for the world pattern of multipolarization,
provide conditions favorable to the establishment of a fair
and rational new international economic order, and offer stronger
safeguards to lasting world peace. In short, the growing economic
prosperity of the developing countries will contribute significantly
to the advancement of the human society.
We are pleased to note that since its
inception six years ago, APEC has done much useful work in
promoting consensus-building to enhance economic cooperation.
Today, it has become a major force for enhancing regional
and global economic cooperation. Last year, we adopted the
Bogor Declaration, which reaffirmed our resolved to narrow
the economic disparities among members and to promote common
prosperity in our region. The Bogor Declaration also endorsed
the long-term goal of achieving trade and investment liberalization
and the strengthening of regional economic and technical cooperation.
This has generated a far- reaching impact.
Regional economic cooperation and development
have benefited directly from the vigorous high growth of the
developing members of the region. The Action Agenda is an
important document towards the gradual implementation of the
Bogor Declaration. To ensure a smooth progress of cooperation,
in my view, it is necessary to appropriately address the following
questions:
1. Achieving a sustainable economic development
in the Asia -Pacific and the world at large should be the
fundamental objective of our cooperation. Economic development
of the Asia -Pacific cannot be attained without the steady
growth of the world economy, especially that of the majority
of the developing members. Asia-Pacific economic cooperation
must be open. Out of the two billion people in this region,
1.5 billion live in developing members, where the levels of
economic development and technology remain relatively backward
and a considerable portion of the population even live in
poverty. Sustained regional and global growth is only possible
with a sustained growth in the developing members and their
economic gap with the developed members gradually narrowed.
This should become the starting point as well as objective
for our future cooperation.
2. Efforts should be made to create a
favorable external environment for economic growth of the
developing members. In retrospect, many developing members
in the Asia-Pacific region owed their high growth, apart from
their own efforts, to the favorable external conditions within
the region. In recent years, however, the economy of the major
developed members have experienced considerable fluctuations.
Trade protectionism against the developing members have gone
on unabated and the normal operation of the multilateral trade
system has been disrupted. To ensure sustained and stable
development of the region, major developed members should
take the lead in addressing their structural imbalances. They
should also do their very best to avert the possible negative
impact of their macro-failure on the developing members. Mutual
opening and non-discrimination are the basic norms recognized
in international economic relations. APEC members should,
first and foremost, take steps to abandon discriminative trade
policies.
3. The principles of unilaterism and voluntarism
should be adhered to. Regional economic cooperation should
take into full consideration the differences in the level
of development within the region and the special conditions
of the members. In formulating targets of economic development
and cooperation, it is necessary to respect the right of the
members to make free decisions and allow for their own initiative
and creativity. Unilaterism and voluntarism should also be
observed when formulating regional collective actions. They
should be the cornerstone underpinning Asia-Pacific economic
cooperation. It is neither realistic nor feasible to impose
uniformity when conditions are not yet ripe.
4. It is necessary to give due consideration
to existing differences and to keep the process of trade and
investment liberalization at a carefully-measured speed. Open
and free trade and investment are effective vehicles to achieve
sustained economic growth. We should allow different pace
in light of the specific conditions of the members and at
different periods of time. Developed members, which are advantageously
placed may take the lead and move faster. Developing members,
on the other hand need more time since they face greater pressures,
risks and difficulties. As a Chinese saying goes, "More
haste, less speed." Should the process of trade and investment
liberalization in developing members be unduly quickened,
it is possible to cause severe consequences in certain members.
This will run counter to the very objective of trade and investment
liberalization.
5. Trade and investment liberalization
and economic and technical cooperation should be given equal
emphasis. Economic and technical cooperation, including human
resources development, infrastructure building, scientific
and technological cooperation, is crucial to developing members'
economic vitality. They are important means to narrow economic
disparities among members and to achieve common prosperity.
Economic and technical cooperation can also help turn potential
markets into real ones which in turn will accelerate the pace
of trade and investment liberalization. Economic and technical
cooperation are like two wheels carrying the cart of APEC.
The two should complement and promote each other.
The realization of the long-term goals
as set forth in the Bogor Declaration requires our persistent
efforts into the 21st century. This gigantic project of cooperation
tallies with the trend of the world economy. It also serves
the need of our reform, opening-up and economic development.
After the meeting in Bogor, we have adopted a series of important
measures aimed at deepening the reform. I wish to announce
here that China will, effective from 1996, drastically reduce
its overall tariff level by a margin of no less than 30%.
This certainly will have a positive impact on regional cooperation
and the achievement of trade and investment liberalization.
We have on our shoulders a historical
mission of building a peaceful, stable and prosperous Asia-Pacific.
I believe that so long as we respect each other, consult each
other on an equal footing and engage in mutually beneficial
cooperation, we will be able to achieve our goal.
Thank you.
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