C U R R E N T S
   
 
 
In this issue:
June 2005
 
 
   
   
  ANALYSIS
   
  Reform of APEC - Why APEC's Emphasis on Trade Liberalisation is Outdated by Alan Oxley
  Chairman of the Australian APEC Study Centre, Alan Oxley, analyses the future of APEC and its need to expand its core economic mission to encapsulate the importance of the Asia Pacific region as a dynamic source of growth in the global economy. more...
   
  ASEAN Plus Three & Alternative Institutional Visions of Economic Co-operation: Implications for APEC by Professor John McKay
  Director of the Australian APEC Study Centre, Professor John McKay, analyses the ASEAN Plus Three Option and Alternative Visions for Economic Cooperation in the Asia Pacific. more...
   
   
  ACTIVITIES
   
  2005 APEC Study Centre Conference - What Direction for APEC?
The Annual APEC Study Centre Consortium Meeting was recently held as part of the schedule of APEC Meetings for 2005 in Jeju, Korea. more ...
 
Training Program for the Asian Bankers Association on Implementing Basel 2
From Sunday, 10th April 2005 - Friday, 15th of April 2005 the Australian APEC Study Centre hosted a Training Program for the Asian Bankers Association on Implementing Basel 2 as part of its ongoing Managing Regulatory Change in Financial Services Capacity Building Program. more...
 
Conference on Managing Climate Change: Practicalities and Realities in a post-Kyoto Future
On Monday, 4th April 2005 the Australian APEC Study Centre, with the support of international public affairs website, Tech Central Station, and sponsorship from Exxon Mobil and Xstrata managed a Conference on Managing Climate Change, the first Conference focusing on the science underpinning the Kyoto Protocol since its ratification. Papers from the Conference are now available. more...
 
Conference on an Australia Malaysia Free Trade Agreement
On Thursday, 10th March 2005 the Australian APEC Study Centre, with the support of the Australian Government's Department of Foreign Affairs and Trade, hosted a Conference on an Australia Malaysia Free Trade Agreement that included presentations by Australian business and industry, Government and academics. The papers from the Conference are now available. more...
 
Training Program on Life Insurance and Pensions: Investment and Retirement Products
From Sunday, 20th February 2005 - Friday, 25th February 2005 the Australian APEC Study Centre, with the support of the Asian Development Bank, delivered a Training Program to Asia Pacific Life Insurance and Pensions Regulators as part of the Centre's ongoing Managing Regulatory Change in Financial Services Capacity Building Program. more...
   
Farewell to Deputy Director of the Australian APEC Study Centre, Darby Higgs
  After more than 9 years of service, Deputy Director of the Australian APEC Study Centre, Darby Higgs, has left the Centre to pursue personal business opportunities. more...
   
   
  CENTRE PUBLICATIONS
   
Paper on Prospects for Global Collaboration on Climate Change
  In January 2005 the Chairman of the Australian APEC Study Centre, Alan Oxley, delivered a paper at the tenth meeting of the parties to the UN Framework Convention on Climate Change. The paper is now available. more...
   
Paper on Developing Effective Approaches to Access to Genetic Resources
  In February 2005 the Chairman of the Australian APEC Study Centre, Alan Oxley, delivered a paper in Thailand on Developing Effective Approaches to Access to Genetic Resources. The paper is now available. more...
   
   
  APEC PUBLICATIONS
   
  A summary of recent publications from the APEC Secretariat including the Annual APEC Economic Outlook are available at http://www.apec.org/apec/publications.html
   
   
  APEC IN KOREA IN 2005
   
  The arrangement for APEC 2005 are now available on the Official Korean Government Website at http://www.apec2005.org
   
 
 
 
 
 
 
 
ANALYSIS
 
Reform of APEC - Why APEC's Emphasis on Trade Liberalisation is Outdated
by Chairman of the Australian APEC Study Centre, Alan Oxley
 
This paper was delivered at the APEC Study Centre Consortium Meeting on Monday, 23rd May 2005
 
Summary
 
APEC has consolidated as the leading trans Pacific institution. The APEC Summit is now one of the world’s most important Head of Government conclaves and is used to review global issues of concern to APEC countries.

With high growth in China and the US’s consolidating its role the leading growth economy in the industrialized world, the Asian Pacific region is the dynamic source of growth in the global economy.

APEC has a natural role to support the countries in the region to manage the impacts of growth and maintain global competitiveness. It does not fill this role adequately. APEC needs to expand its core economic mission from trade liberalization and towards wider economic reform. This requires elevation of importance of the meetings of Ministers of Finance and creation of a capacity for high quality analysis of macroeconomic issues and policy within the APEC Secretariat.
 
The full text of this paper can be downloaded here ...
 
ASEAN Plus Three & Alternative Institutional Visions of Economic Co-operation: Implications for APEC
by Director of the Australian APEC Study Centre, Professor John McKay
 
 
This paper was delivered at the APEC Study Centre Consortium Meeting on Monday, 23rd May 2005
 
Summary
 
In this paper Director of the Australian APEC Study Centre, Professor John McKay, discusses the origins of the ASEAN plus three dynamic, the challenges of organisation and procedure, the role of China in its development, and its capacity to develop into an East Asian Summit.
 
The full text of this paper can be downloaded here ...
ACTIVITIES
2005 APEC Study Centre Conference - What Direction for APEC?

Korea hosted the 2005 Annual APEC Study Centre Consortium (ASCC) Meeting at Jeju between the 22nd and 25th of May.

It was held in conjunction with the PECC Trade Forum. Three key themes featured throughout the Conference. One, the Regional economic architecture was discussed, following the proliferation of RTAs and FTAs in Asia Pacific. Was the changing architecture achieving APEC’s Bogor Goals?

The second theme was the nature of liberalisation. Were RTAs or FTAs contributing or hampering liberalisation, particularly during sluggish multilateral talks in the WTO and a decreased commitment to unilateralism from APEC economies. There was also discussion on the likely success of an APEC FTA. Coordinator of the PECC Trade Forum, Professor Robert Scollay, who presented the “Preliminary assessment of the proposal for a Free Trade Area of the Asia-Pacific” which was developed for the APEC Business Advisory Council (ABAC).

The mandate of APEC and whether it needs to broaden its agenda beyond trade liberalisation was the third theme. Suggestions were if APEC should include a broader agenda of free markets and rejigging domestic governance architecture to entrench free market principles; or to look to reform APEC to broaden its agenda to include issues such as trade facilitation and trade and human security.

Participants attending the Conference noted that the Conference proceedings including some of the best papers in many years and comprehensively covered the broad number of issues facing APEC into the future. Papers were presented by Alan Oxley and John McKay from the Australian APEC Study Centre. All Conference Papers from the ASCC can be downloaded here...

Training Program for the Asian Bankers Association on Implementing Basel 2
With the support of the Asian Bankers’ Association the Centre delivered its second Training Program for the Banker’s Association on Capacity Building in Prudential Regulation and Risk Management in Banking: Implementing Basel 2 from Sunday, 10th – Friday, 15th April 2005 in Melbourne, Australia. This Training Program was first provided for the Asian Bankers’ Association in February 2004.
 
 

Asian Bankers Association Managing Regulatory Change: Implementing Basel 2 Training Program Group Photo (left to right)

Back Row:
Tim Wilson, Steve Horng-Yuan Hsieh, Ju Chan Kim, Chun Hsieh, Bong Kwan Soo, Rei Kwan Jang, Rafezah Rahman, Xiaojing Yu.
Middle Row: Katherine Sherry, Liu Mao-Shyan, Faizal Abdullah, Grant Miller, Roman Cheng, Chul Soon Lim, Wang Tsong-Ming, Jie Tong.
Front Row: Cheng-Chuan Fan, Joong Gui Lee, Lun Shiaw Yen, Mohamed Rezwan Abdullah,
Bin Ismail, David Jones, Vicky Chang, Yu-Yee Kweon, Linlong Chen

 

The Training Program was led by Program Leader, David Jones, and was supported by presenters and members of the Centre’s Financial Services Advisory Board from industry, Government and academia, including:

* The Australia and New Zealand Banking Group (ANZ):
* Australian Prudential Regulation Authority (APRA);
*
Ask!T Consulting;
* AXA Asia Pacific Holdings;
* The Commonwealth Bank of Australia Group (CBA);
* The Commonwealth Treasury;
* Ernst & Young;
* Macquarie Bank;
* The National Australia Bank (NAB);
* Standard and Poor’s; and
* The University of Melbourne.

20 representatives from commercial banks and regulatory agencies in Asian Bankers’ Association member economies participated, including representatives from Brunei, the People’s Republic of China, Korea, Malaysia and Taiwan, ROC.

Conference on Managing Climate Change: Practicalities and Realities in a post-Kyoto Future
With the support of international public affairs website, Tech Central Station, the Centre hosted a Conference on Climate Change post the expiration of the Kyoto Protocol in 2012 in Parliament House, Canberra, Australia on Monday, 4th April 2005.

The one day Conference was the first Conference held on the scientific evidence supporting the Kyoto Protocol following its ratification and included representatives from industry and academia, including:

* Harlan Watson, Senior Climate Change Negotiator and Special Representative, US Department of State;
* Qingqing Zhao, First Assistant Secretary (Science and Technology), Embassy of the People's Republic of China in Australia;
* Alan Oxley, Chairman of the Australian APEC Study Centre, Monash University;
* Dr Graeme Pearman, Director, GP Consultants Pty Ltd and former Chief of the CSIRO Division of Atmospheric Research;
* Professor Bob Carter, Research Professor of Geology, James Cook University, Queensland;
* William Kininmonth, Author of "Climate Change: A Natural Hazard" and formerly of the Australian Bureau of Meteorology;
* Dr John Zillman, President, Australia Academy of Technological Sciences and Engineering and former Principal Delegate of Australia (1994-2004) to the Intergovernmental Panel on Climate Change;
* Emeritus Professor Garth Paltridge, retired Director of the Institute of Antarctic and Southern Ocean Studies, University of Tasmania and former Chief Research Scientist of the CSIRO Division of Atmospheric Research;
* Roger Beale, Senior Associate, The Allen Consulting Group;
* Dr Brian Fisher, Director, Australian Bureau of Agricultural and Resource Economics;
* Meg McDonald, General Manager Corporate Affairs, Alcoa World Alumina Australia;
* Professor Aynsley Kellow, University of Tasmania;
* Dr Alan Moran, Director, Deregulation Unit, Institute of Public Affairs; and
* Jon Stanford, The Allen Consulting Group.


two video conference sessions with industry and academic presenters from the United States of America and Canada, including Dr Brian Flannery, Manager, Science, Strategy and Programs, Health and Environment Department, Exxon Mobil Corporation and Ross McKitrick, Associate Professor of Economics, University of Guelph, Ontario and Senior Fellow of the Fraser Institute and joint author of "Taken by Storm".

Papers from the Conference are now available online and can be downloaded here...

In November 2004 the Centre also released its report "The Kyoto Protocol and the APEC Economies". The report can be downloaded here...

Conference on an Australia Malaysia Free Trade Agreement
With the support of the Australian Government’s Department of Foreign Affairs and Trade, sponsorship from the State Government of Victoria and the support of the Australia Malaysia and Malaysia Australia Business Councils, the Centre, hosted a Conference on the Australia Malaysia Free Trade Agreement on Thursday, 10th March 2005 in Melbourne, Australia.

The Conference specifically focused on the challenges and benefits presented to both economies from the successful negotiation of a Free Trade Agreement and opportunities that exist and precedents already established for harmonisation between the two economies. Speakers at the Conference included representatives from industry, Government and academia, including:

* Hon Alexander Downer MP, Australian Minister for Foreign Affairs;
* The Hon John Brumby MP, Victorian Minister for State and Regional Development and Minister for Innovation;
* Michael L'Estrange, Secretary, Department of Foreign Affairs and Trade;
* Dr Mohamed Ariff bin Abdul Kareem, Executive Director, Malaysian Institute of Economic Research;
* Tim Harcourt, Chief Economist, Austrade;
* Nicholas Coppel, Executive Director, Economic Analytical Unit, Department of Foreign Affairs and Trade;
* M R Chandran, Chief Executive, Malaysian Palm Oil Association;
* Jammie Penm, Senior Economist, Australian Bureau of Agricultural and Resource Economics;
* Dato' Mustafa Mansur, President, Federation of Malaysia Manufacturers;
* Leigh Purnell, Executive Director (International), Australian Industry Group;
* Professor Henry Ergas, Head of Competition and Regulatory Economics, Charles River Associates;
* Looi Kien Leong, Chairman, International Relations Association of the Computer & Multimedia Industry of Malaysia;
* Datuk Ali Tan Sri Abdul Kadir, Senior Adviser, Ernst & Young Malaysia and former Chairman of the Malaysian Securities Commission;
* Mark Johnson, Deputy Chair, Macquarie Bank;
* Katie Dean, Economist, the Australia and New Zealand Banking Group;
* Lisa Gropp, Assistant Commissioner, Productivity Commission;
* Professor Peter Lloyd, University of Melbourne; and
*
Professor John McKay, Director, Australian APEC Study Centre, Monash University.

Papers from the Conference are now available online and can be downloaded here...

Training Program on Life Insurance and Pensions: Investment and Retirement Products
With funding support from the Asian Development Bank the Centre developed and delivered a Training Program on Life Insurance and Pensions: Investment and Retirement Products from Sunday, 20th – Friday, 25th February 2005 in Melbourne, Australia. This Training Program is the continuation of the Centre’s Managing Regulatory Change in Financial Services program that was run from 2000 – 2002 and was endorsed by APEC Finance Ministers.
 
 
Asian Development Bank Managing Regulatory Change: Life Insurance and Pensions:
Investment and Retirement Products Training Program Group Photo (left to right)


Back Row:
Deepak Kumar Gaikwad, Chee Siew Eng
Fourth Row: Jeremy Daniell, Jules Gribble, Sanjay Kumar Verma, Tim Wilson
Third Row: Lee Chi Kwan, John Lim Kah Kern, Sharmalene Nilkanthi Alles, Deklin Sabina Tarum, Ruslan Yerdenayev
Second Row: Udayasari Kariyawasam, Lee Wai Yi, Rusco Stephen Bavon, Joshua N Tari
Front Row: Samuel Kinianea Warunima, Preyanuch Jeraslip, Chou, Hui-Mei
 

The Training Program was led by Managing Regulatory Change: Life Insurance and Pensions Program Leader, Dr Jules Gribble, and was supported by presenters and members of the Centre’s Financial Services Advisory Board from industry, Government and academia, including:

* The Australia and New Zealand Banking Group (ANZ):
* Australian Prudential Regulation Authority (APRA);
*
Australian Securities and Investment Commission (ASIC):
* Ask!T Consulting;
* Australian Stock Exchange (ASX);
* AXA Asia Pacific Holdings;
* The Commonwealth Bank of Australia Group (CBA);
* The Commonwealth Treasury;
* Ernst & Young;
* Macquarie Bank;
* The National Australia Bank (NAB);
* Standard and Poor’s; and
* The University of Melbourne.

19 industry regulators were trained from across member economies of the Asian Development Bank including Fiji, Hong Kong, India, Indonesia, Kazakhstan, Malaysia, Papua New Guinea, Singapore, the Solomon Islands, Sri Lanka, Taiwan, ROC, Thailand and Vanuatu.

 
Farewell to Deputy Director of the Australian APEC Study Centre, Darby Higgs
 
After more than 9 years of service, Deputy Director of the Australian APEC Study Centre, Darby Higgs, has left the Centre to pursue personal business opportunities.

On the afternoon of Wednesday, 20th March 2005 a special farewell was organised by the Centre to farewell Darby and to thank him for his year's of service.

Of particular note, Darby managed the Centre's communications strategy and produced APEC Currents in it's early printed format and its transition to a web-based newsletter system.

Darby will be missed enormously by the Centre and by APEC Currents readers.
 
 
CENTRE PUBLICATIONS
Paper on Prospects for Global Collaboration on Climate Change
 
In December 2004 Chairman of the Australian APEC Study Centre, Alan Oxley, delivered a paper on the "Prospects for Global Collaboration on Climate Change" tenth conference of parties to the UN Framework Convention on Climate Change in Buenos Aries. Below is the Executive Summary of the Paper.

Executive Summary

Although the Kyoto Protocol to contain greenhouse gases is shortly to come into effect, parties to the UN Framework Convention on Climate Change nullified Kyoto as the basis for a long term global strategy at their meeting in Buenos Aries in December.

This reflects a paradigm shift in international thinking about long term strategies on global warming. The shift is away from regulated reductions of emissions (and emissions trading), as proposed in Kyoto, to collaboration on development and adoption of technologies to reduce emissions of carbon dioxide.

There will now not be any important, international pressure on Australia to take new action to reduce emissions of carbon dioxide or to introduce emissions trading, although the rising clamor from the Green movement evidently is designed to leave the impression that there is such pressure.

Green groups still call for Australia to ratify Kyoto, still propose introduction of emissions trading and have started to propose even tougher targets to cut emissions than those which stalled the Kyoto Protocol. At the same time, new doubts are being raised about key scientific claims about global warming which were used to justify the Kyoto Protocol.

In Buenos Aires, the United States, China, India and the developing countries decided that the Protocol was not to be the basis for long term strategies to address climate change. This left the EU isolated.

The full paper can be accessed here...
Paper on Access to Genetic Resources
 
In February 2005, Chairman of the Australian APEC Study Centre, Alan Oxley, released a paper which canvasses options for ensuring that the world can share the benefits of the genetic resources in biodiverse regions while still providing benefits to developing countries with those resources.

The paper can be accessed here...
   
 
 
 
   
 
     

APEC Currents is an Electronic Newsletter of the Australian Asia Pacific Economic Cooperation (APEC) Study Centre, Monash University
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