The 16th General Meeting of Pacific Economic Cooperation Council 153 Nam Duck-Woo Honorary Chair, KOPEC; former Prime Minister, Korea former Prime Minister, KOPEC; Chair, Honorary A Reflection on PECC’s Twenty Five Years: Five Years: Twenty on PECC’s A Reflection Future an Evolving a Story with One was to catalyze the launching of APEC in 1989 that was further followed by the launching of the One was to catalyze the launching of APEC in 1989 that was further followed by the APEC Ministerial Economic Leaders' Meeting process in 1993. Let me remind you that, right after the first of the PECC Meeting was held, Secretary Gareth Evans, its Australian Chairman, wrote to the Chairman preceding decade Standing Committee, acknowledging that APEC could not have been born without the of effort by PECC. I will not try to recall PECC's specific experiences in the 1980s for you. I think you all have the I will not try to recall PECC's specific experiences of PECC's 25 years' commemorative book with you. I understand that this book recalls various aspects through the first history in detail. And I believe that, from the book, we will see what PECC achieved contributions decade of its work. In this regard, I want to call your attention to two highly significant made by PECC by the turn of the 1980s. In retrospect, we were all quite excited about working together like college freshmen organizing a In retrospect, we were all quite excited the Pacific. And we really felt at home wherever we went. It fraternity. We met at various cities around part of this group. was a great honor and pleasure for me to be One of those colleagues was Dr. Kim Kihwan, the current International Chair of PECC. I handed over my One of those colleagues was Dr. Kim Kihwan, in 1993. PECC portfolio to Dr. Kim and retired from PECC During these years, we worked closely with younger colleagues with brilliant minds, inexhaustible During these years, we worked closely with who would undertake the substantive work of PECC through energy, and dedication to the cause of PECC, of them again here tonight. the task forces. I am so pleased to see many I joined PECC in 1982 as a member of the Standing Committee on behalf of Korea right after it was I joined PECC in 1982 as a member of the I then began to work with other eminent colleagues such decided that PECC would be formally launched. Thanat Khoman, Mr. Eric Trigg, and Mr. Brian Talboys, to as Dr. Saburo Okita, Sir John Crawford, Dr. formal institution dedicated to the promotion of economic name just a few, to establish PECC as a cooperation in Asia-Pacific region. Chairman Kim, Distinguished Participants, Ladies and Gentlemen: Chairman Kim, Distinguished Meeting of PECC to address such a for me to be invited to this 16th General It is a singular honor 25th anniversary. I have been asked to reflect on my PECC distinguished audience this evening on PECC's experiences in the earlier years. The 16th General Meeting of Pacific Economic Cooperation Council resources availablearelimited.How shouldPECCadjusttothisnewreality? similar purposes.Allthemcompete withoneanotherforfinancialresourceswhiletotalamount of These partieswhichmakeupPECC's tripartitestructureallnowhavetheirownworkprograms with very Moreover PECCisconfrontedwithothercompetitiveinstitutions suchasAPECStudyCenterandABAC. has beenplayingacomplementary,orsupporting,roleforAPEC, but suchroleseemstobeonthewane. The twoorganizationssharethesamepurposeandareengaged inthesamekindofwork.SofarPECC early days. The firstchallengefacingPECCisrelatedtothecreationofAPEC whichithelpedcomeintobeinginthe challenges. And IhavebeenoftencuriousabouthowthePECCwould respondtoatleastthreechangesor I knowthat,overtheyears,therehavebeenseveralfundamental changesinthePacificenvironment. these lines. I alsounderstandthat,asaresult,PECChasmadequitefewimportantcontributionstoAPECalong impediments tomutuallybeneficialeconomicintegrationinthePacific,andglobally. policy issues.Notjustontheoldissuesoftariffs,butalsomanyother,oftenlesstransparent, My understandingisthatPECChastriedtodoitsbestbethementorofAPEC,withafocusontrade Chairmanship ofKOPECtothenextgeneration. I havetriedmybesttostayintouchwithwhatPECChasdonesincetheearly1990s,whenpassed helped tobringaboutthesuccessfulconclusionofUruguayRoundmultilateraltradenegotiations. This principlehasneverbeenabandonedbyPECC,providingaworkingguidelinetoAPECleaderswho task forcewhichwasreleasedin1983. framework, waseffectivelyadvocatedonthebasisofopenregionalismbyreportfirsttrade Well beforethen,thegoaloffreertrade,consistentwithnon-discriminatoryidealGATT Pacific ModelforGlobalEconomicCooperation”. in SanFranciscoSeptember1992.Infact,thethemeofthatconferencewas“OpenRegionalism:A correctly, theexpression,“openregionalism”,begantobeformallyusedbyPECCatNinthheld example, thegeneralunderstandingofAPEC'sBogorGoalsisbasedonthisprinciple.IfIremember so-called “openregionalism”whichhasservedthusfarastheguidingprincipleofAPEC.Thus,for PECC's anotherhighlysignificantachievementduringthe1980swasformulationandadvocacyof that itwasanachievementforwhichPECCmaycongratulateitselftodayonits25thanniversary. In thisway,PECChadcreatedthepoliticalwillamongregionalgovernmentstolaunchAPEC.Ithink cooperation whichwouldbenefitallPacificeconomies. nurtured anewregionalconsciousnessaswellconfidencethattherewaswidescopefor officials, instudiesanddiscussionofregionaleconomicproblems.Throughthisprocess,PECChad Pacific economiccooperation.Thedialogueinvolvedacademicexperts,businessmenandgovernmental In anutshell,PECChadbeensponsoring'tripartite'dialogueactivitiesontheneedandfeasibilityof 154 The 16th General Meeting of Pacific Economic Cooperation Council 155 Thank you very much for your attention. I am very pleased to hear that, on the occasion of its 25th anniversary, PECC has already initiated such I am very pleased to hear that, on the occasion for both its anniversary and the most timely decision. And I effort. I would like to congratulate PECC endeavor. would like to wish PECC every success in its But, I trust that the challenges you are facing are at the same time valuable opportunities for renewals But, I trust that the challenges you are facing that you will be able to find a new vista of economic and new direction of development. I trust the Asia Pacific and redefine the mission of the PECC in cooperation in the changing conditions in integration in the region in the context of globalization. response to the need for greater economic I have listed three major challenges facing PECC for consideration by its leaders and participants. I have listed three major challenges facing problems. Obviously there are no easy answers to your In recent years, there has been the deepening of economic relations within East Asia around China as the has been the deepening of economic relations In recent years, there Asian regionalism as well illustrated in has been concomitant with the rise of East centripetal pole. This relationship between countries across the Pacific are currently the so-called ASEAN Plus 3. The economic to be calling PECC to figure out the new vista for the undergoing significant changes which seem Asia-Pacific regions. It may appear that it is becoming economic cooperation among countries the goal of promoting a Pacific Community. increasingly difficult for PECC to achieve its The third challenge to PECC is the weakening of what is now often called the trans-Pacific linkage. The PECC is the weakening of what is now often The third challenge to reconfiguration of economic and political economic power is causing a rather rapid rise of China as a new the United States and the East Asian Pacific economies, especially, between relations among the economies. The second challenge is the recent enthusiasm for so-called free trade agreements (FTAs) among pairs, or (FTAs) among free trade agreements enthusiasm for so-called challenge is the recent The second (FTAs) seem to contradict free trade agreements proliferation of bilateral of economies. The small groups, a whether to promote in the region is debating the business community regionalism. Now, PECC's open of the Asia-Pacific (FTAAP). Should PECC the name of the Free Trade Agreement region-wide FTA under it abandon this principle altogether and the basis of open regionalism? Or should oppose this proposal on within PECC today. obviously this may be a controversial issue embrace the FTAAP? -