{
  "id": "R40495",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "R40495",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 347336,
      "date": "2009-03-31",
      "retrieved": "2016-04-07T02:37:03.258043",
      "title": "Asia Pacific Economic Cooperation (APEC) and the 2008 Meetings in Lima, Peru",
      "summary": "Congress and the Executive Branch have historically identified the Asia Pacific Economic Cooperation (APEC) as an important organization to help promote the U.S. goal of liberalizing international trade and investment in Asia, and possibly the rest of the world. APEC\u2019s commitment to the goal of trade and investment liberalization is embodied in its Bogor Goals, in which APEC members pledged to free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and 2020 for developing economies. \nHowever, several alternative avenues for the promotion of trade integration in Asia have emerged, challenging the past U.S. focus on APEC. The Association of Southeast Asian Nations (ASEAN) is promoting the creation of various forms of an all-Asian free trade association that would exclude the United States. In addition, during its last few months, the Bush Administration indicated its intention to enter into negotiations with the Trans-Pacific Strategic Economic Partnership Agreement (TPP), an existing free trade agreement between Brunei Darussalam, Chile, New Zealand, and Singapore.\nIn November 2008, APEC held its annual Leaders\u2019 Meeting in Lima, Peru. Although the official theme for the meeting was \u201cA New Commitment to Asia-Pacific Development,\u201d global economic events overshadowed the event, focusing discussion on resisting protectionist pressures and expediting economic recovery. In their joint meeting statement, the APEC leaders stated that they thought their economies would recover within 18 months. They also expressed their support for the G20 commitment to refrain from erecting new trade barriers for at least 12 months. \nThe next three years may be a critical period for APEC and its achievement of the Bogor Goals. The 2009 meetings are to be held in Singapore, traditionally a strong supporter of APEC and trade and investment liberalization. Japan is scheduled to be the host of the 2010 meetings\u2014the target year for APEC\u2019s industrialized members to achieve the Bogor Goals. The United States will host the 2011 meetings. \nHistorical trade data is consistent with the premise that APEC has been successful in promoting greater trade within its member economies and with the rest of the world. Both the exports and imports of APEC members have grown faster than global trade since the creation of APEC. However, APEC\u2019s greater trade growth may be attributable to other factors than the liberalization of trade and investment policies among its members.\nThe 111th Congress has an opportunity to reexamine U.S. policy towards APEC. It has already increased APEC-related funding in FY2009, in part to provide for the preparations for the 2011 APEC meetings to be held in the United States. In addition, there are other actions Congress may chose to take with respect to APEC, depending on its determination of APEC\u2019s role for trade promotion initiatives in Asia. Congressional attitudes and actions may also be influenced by the Obama Adminstration\u2019s trade policies in Asia\u2014and the role APEC plays in those policies.\nThis report will be updated as circumstances warrant.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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      "topics": []
    }
  ],
  "topics": [
    "Economic Policy",
    "Foreign Affairs",
    "Intelligence and National Security",
    "National Defense"
  ]
}