[asia-apec 1582] APEC no guarantee to prosperity - 17/09/00 - Borneo Bulletin Online

[APEC Monitoring Group]

APEC no guarantee to prosperity


Malai Hassan Othman and Jacky Lim

The Deputy Finance Minister (centre, front row) speaking at yesterday's
meeting.
Asia Pacific Economic Cooperation or APEC is not a ticket for small
economies like Brunei to greater progress and prosperity in this era of
world new order.

Participating in APEC process does not mean capital and investment flow will
increase, or economic growth will accelerate for all member economies.

"Much will depend on the economic and related policies, the response of
investors, as well as the growth of additional capacities and capabilities
for increased exports. Increased productivity and efficiency and increased
exploitation and use of technology (by respective economies) are also
instrumental," said Dato Haji Awang Selamat Munap, the Deputy Minister of
Finance yesterday.

He spoke at the start of a two-day second meeting of the APEC sub-committee
on Customs Procedures being held at the International Convention Centre in
Berakas.

Dato Awang Haji Selamat described their works as preparing for a more level
playing field for the players or economies to engage in.

He noted these efforts could contribute towards advancing the APEC Agenda of
Investment and Trade Liberalisation for the Asia Pacific Economies in the
context of open regionalism.

But he said while the ultimate agenda is economic growth and prosperity for
all, there is no certainty that in short, medium and long term, every
economy in APEC would benefit from the cumulative advance of this APEC
Agenda.



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