[asia-apec 1639] APEC in Brunei - Borneo Bulletin Online, Nov 5 2000

[APEC Monitoring Group]

      Brunei as birthplace of the 'New Economy' 
     
     
      By a Special Correspondent
      The twenty-first century's first summit of the Asia-Pacific leaders will be held in a few days time. 

      For the host, Brunei Darussalam it's all systems go, as it becomes the cynosure of the world's eyes as it hosts the biggest ever international gathering it had ever done . 

      The leaders of Apec's 21 economies will assemble at the International Convention Centre in Berakas to set the pace and shape up the economic priorities for this region in particular, and for the world in general. 

      Judging by the multifarious deliberations leading up to the Apec summit, the main focus could well be on the so-called 'New Economy,' that will transcend global borders . 

      Brunei will indeed go down in history as where it all began in this new millennium. 

      Some of the frontline economic and political leaders within the Apec fraternity have already set the guidelines for the inevitable birth of the ' New Economy'. 

      For instance the US Apec Coordinator Lawrence Greenwood Jr. who earlier attended meetings in Brunei describes the new economy as something under which advances in information and communications technology can be applied to the way business is done, and how governments will be run in order to increase productivity, employment while generating new income and prosperity in the region. 

      According to Mr Greenwood the new economy features a number of actions and inititiatives, many of which will be featured in Brunei.One important segment that Apec has been working on for almost 18 months is in the area of e-commerce readiness.Currently all but two Apec economies have undertaken e-commerce readiness assessment in their respective private sectors. 

      Among some new aspects that may emerge at the summit will be matters dealing with e-commerce readiness guide for Asia Pacific, IT skills training,curbs on the use of unlicensed computer software and agreement on easier conformance of computer and telecom equipment standards. 

      Speaking to the Asia-Pacific media in a televised interview this week Mr Greenwood expressed confidence that the summit in Brunei will indeed be a great success. 

      He reiterated that the subject of "New Economy" will be a major theme at the summit. 

      Under that heading delegates will be looking at a number of different policies and capacity-building programmes. 

      At the same time the Brunei summit is expected to delve on trade, especially extensive discussions on building a consensus to get the new WTO round off the ground. 

      Majority of Apec economies are hopeful of China completing the procedures needed to enter the World Trade Organisation thus becoming a fully fledged member of global trading system. 

      Concerns over the very process of globalisation are expected to be raised, particularly by Malaysia who generally speaks on behalf of the developing countries.Apec being a forum of equals, a positive dialogue could be expected. 

      The current global concerns over the price of oil will be another important issue that would be highlighted , mainly because of the impact of rising oil prices vis a vis the Asian economic recovery that is underway.Apec has hitherto tried to arrive at a common consensus between oil producers and consumers in order to achieve sustainability.
     

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