PBEC Covenes in Tokyo for 34Th IGM Ore Than 800 Business Leaders, Govern- President Arroyo Special Envoy Fidel V
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IGM “firsts” made Four key ingredients Remembering Tokyo IGM a success. to economic success. Dr. Weldon “Hoot” Gibson. Page 4 Page 6 Page 10 NEWSLETTER OF THE PACIFIC BASIN ECONOMIC COUNCIL Pacific Journal www.pbec.org PBEC Covenes in Tokyo for 34th IGM ore than 800 business leaders, govern- President Arroyo Special Envoy Fidel V. M ment officials, and international Ramos, Korean Deputy Prime Minister and experts from throughout the Pacific Rim con- Minister of Finance and Economy Jin Nyum, verged on Japan’s capital city for PBEC’s 34th Malaysian Minister of International Trade and International General Meeting. Delegates Industry Dato' Seri Rafidah Aziz, and Iwao came together in Tokyo’s burgeoning water- Matsuda, Japan's Senior Vice Minister of front district of Daiba in the midst of cherry Economy, Trade and Industry. blossom season to explore the conference That kicked off two tightly-packed days of theme, "Regional Vitality in the 21st Century." presentations and roundtable discussions in History was made in Tokyo as the open- which more than five dozen of the top corpo- Their Imperial Highnesses, The Crown Prince ing session of the IGM was attended for the rate executives and economic specialists and Princess of Japan, attended the IGM first time by members of Japan’s Royal from around the Asia Pacific addressed press- opening session. Family, the Crown Prince and Princess, as ing issues in the business world, including: well as Japanese Prime Minister Yoshiro Global Economic Issues and the Pursuit of Mori. Sustainable Growth and Regional Vitality, Meeting Today's Management Challenges: His Imperial Higness the Crown Prince Transparency, Environmentalism, and noted how things have changed since PBEC’s Corporate Responsibility, Electronic birth in 1967. "Compared with 34 years ago, Commerce, Strategic Reorganization of the economies of the Asia Pacific region have Global Industries, and Revitalizing the Asian made amazing progress – this is beyond Economies. doubt due to the efforts of local business leaders to pool their knowledge and experi- Delegates were also treated to insightful ence in order to solve the many problems presentations during the meeting’s two lunch- they encountered," he said. "For this reason eons. The Honorable Taro Aso, Japanese The Asia Pacific Leaders Forum featured also, the role of the PBEC is destined to Minister of State for Economic and Fiscal government officials from Japan, Malaysia, become ever more important in the econom- Policy, highlighted the real economic reform Korea, and the Philippines. ic life of this region. " taking place today in Japan, which is laying the groundwork for a future of strong growth. One highlight of this year’s meeting was And Richard Koo, chief economist at the the Asia Pacific Leaders Forum, in which top Nomura Research Institute, examined government officials from the Pacific Rim Japan’s "balance-sheet recession" as he out- shared their view of the region’s economy lined the need for increased government and prospects for the future. On hand was spending and investment. former Philippine President and advisor to continued on page 11 SMEs, Financial Services among issues tackled by PBEC leaders in Tokyo BEC took a number of important P policy actions at its recent International General Meeting concerning developments in the Asia Pacific, the World Trade Organization (WTO), corporate responsibility, and other ongoing areas of interest and concern to the business community. Specifically, the PBEC Board of Directors adopted the following policy state- ments: Statement on Facilitating SMEs in the Global Marketplace: Access to the internet, and the associated elements of a sound e-business infrastructure, can greatly facilitate the participation of small and medi- um enterprises (SMEs) in the global market- place. PBEC supports APEC's efforts to promote closer collaboration and cooperation The PBEC Steering Committee meeting at the Tokyo IGM. on e-Commerce infrastructure development and capacity building. Statement in Support of a Balanced Statement on Food Safety: To PBEC therefore encourages public-sec- WTO Agenda: PBEC has steadfastly promote the production of safe food, PBEC tor leaders in the Asia-Pacific region to cre- believed that continued expansion of trade recommends that all PBEC economies ate the legal/regulatory frameworks that and investment through the rules-based adopt and enforce laws and regulations to permit competitive offerings of enabling ele- system of the WTO provides important ensure that the production of foodstuffs ments by firms, from the underlying tele- advantages. Rising levels of international including meat be based upon the applica- com infrastructure to Web site design to trade and investment have been a primary tion of sound scientific practices. small-package delivery. engine driving world economic growth, Therefore, PBEC strongly recommends economic development, the creation of that each member economy ban the feeding Statement on Financial Services better jobs, and rising per capita incomes of ruminant meat and bone meal to rumi- Regulation: The GATS Financial Services throughout the world. This economic nants thus preventing the potential spread Agreement reached in the World Trade growth has generated more resources for of bovine spongiform encephalopathy (BSE) Organization (WTO) in 1997 created a improved health care, education and social that threatens the health and safety of framework for increased international com- spending. It has resulted in new opportuni- people throughout the region. petition in financial services. However, ties for employment, higher wages and much broader and deeper commitments to improved working conditions. Statement on Environmental Issues: market access and regulatory reform are PBEC reaffirms the importance of environ- necessary to spur market-driven competi- PBEC urges the commencement of a mental protection and improvement as a tion, to avoid future financial crises, and to new global trade round in the WTO and that means towards sustainable development, raise standards of living. this round reflect the views, concerns, and and declares our resolution to take voluntary priorities of both the developed and devel- actions in support of these goals. To further these goals, PBEC urges par- oping economies. As they engage in the ticular attention to financial services regula- process, contracting parties should consider The full text of each of these and previ- tory reform in the services negotiations the broadest possible range of input and ous PBEC policy statements is available on already underway in the WTO “embedded viewpoints. our website at www.pbec.org. program” pursuant to new market opening commitments. 2 Race To The Top: Recipients of the 3rd PBEC Environmental Award he PBEC Environmental Award show- Tcases projects of members who achieve excellence in environmental stew- ardship within a sustainable business model. This year, eight finalists were evalu- ated for the 3rd PBEC Environmental Award and the top finalists were recognized at the Tokyo IGM held last month. Beyond their nominated projects, the member companies from PBEC Korea, U.S., Japan, New Zealand, and Canada (Samsung Electronics, General Motors, Ford, Osaka Gas, Honda, New Zealand Dairy Board, and Placer Dome, respectively) evidence that globalization is not a race to the bottom. Akio Nomura of Osaka Gas, Dennis Schultze of Ford Motor Company, PBEC Chairman Their achievements prove that globalization Kosaku Inaba, Hiroyuki Yoshino of Honda Motor Company, and Tadahiko Ohashi, Chairman can and should be a race to the top – in best of the PBEC Working Committee on the Environment. environmental practices, community-based “We are greatly honored to have been Environmental Award for our development stewardship and economic development, awarded the Gold Level Award, and we take of advanced technologies which are being and in long-term corporate citizenship. special pride in this achievement. It is an used to reduce emissions on new and used official recognition of the environmental vehicles in Asia. I believe the distinction Here is a snapshot of the cor- friendliness of natural gas and the commit- between a good company and a great com- porate commitment of the three PBEC ment of Osaka Gas for its environmental pany is that a good company delivers excel- Environmental Award recipient companies. activities,” stated Osaka Gas President Akio lent products and services and a great com- OSAKA GAS – Gold Award Recipient Nomura, “We will continue our efforts to pany delivers excellent products and servic- further the position of natural gas in the es and strives to make the world a better In addition to innovations in alternative energy market and to contribute to improv- place. We look forward to working with the energy, one of the latest New ing the environment through our R & D PBEC to help make the world a better Environmental Technologies being devel- activities in environmental technologies.” place.” oped by Osaka Gas is an afforestation tech- nique using VAM fungi, an environmentally FORD MOTOR COMPANY – Silver Award Added Dennis Schueltze, Director of sound method of regenerating tropical Recipient Research and Technology and lead on Ford's forests in areas with depleted soil. The proj- Rare Earth Oxide Catalyst program nomi- Ford is perhaps best known for its envi- ect is being conducted in conjunction with nated for the Award, “The Environmental ronmental stewardship through its the Research Institute of Innovative