No multilateral or plurilateral process has ever been achieved quickly. It was unrealistic of APEC Leaders to direct preparation of detailed plans for liberalisation in twelve months, as they did at Osaka. There is a need to develop a broader consensus about the strategic purpose of trade liberalisation among APEC economies. This approach lacks the rigour and institutional strength which is needed for an effective process of liberalisation. Until there is a wider consensus over the strategic issues which liberalisation creates and more ground has been prepared on designing workable mechanisms to cut trade barriers, the results of liberalisation from APEC will be slight.
More time is needed.
It is available.