One of them, called the Hanoi Action Plan, refers to APEC's initial objective, the Bogor Goals of free and open trade and investment in the region, which was formulated in Bogor, Indonesia, in 1994.
The full title of the action plan, which was adopted in Hanoi without much ado or serious discussions, is "The Hanoi Plan of Action on the Pusan Roadmap Toward the Bogor Goals." This literary gem means that the organization keeps in sight the goal of moving toward a free trade zone, which was discussed at APEC's forum in Pusan, South Korea, last year.
However, Russian President Vladimir Putin wrote in an article published in the local media ahead of the forum that when the Bogor Goals were formulated in 1994 many countries regarded the situation differently. Such countries as the Untied States, which leads the pro-liberalization camp in APEC, share Putin's view.
Several important events took place between 1994 and 2006. Initially, it was believed that the whole planet could be turned into a free trade zone within the World Trade Organization. APEC decided to act on behalf of the WTO to prepare Pacific countries for cooperation in a free trade regime, when national economies are not protected from foreign rivals.
However, it has become clear by 2006 that the WTO dream is most likely a soap bubble. WTO President Pascal Lamy spent the past week with APEC leaders in Hanoi, trying to rally their support for deblocking the Doha Round of the WTO talks.
The WTO has stumbled because many countries are not prepared to open up their agricultural markets to foreign rivals, as this would cause social shocks in the poor developing countries and impoverish European farmers, who receive subsidies banned by WTO rules.
However, the only thing APEC can do is adopt an appeal to the WTO, primarily because the societies and economies of many Pacific countries have the same problem and are suffering from the dangerous consequences of full liberalization. The main achievement of the Hanoi summit is that its participants expressed this idea clearly and loudly.
Lamy's predecessor in the WTO, Supachai Panitchpakdi, who is the current secretary-general of the United Nations Conference on Trade and Development (UNCTAD), said that foreign investment had not created the expected number of jobs in the region. The imbalances provoked by the rapid development of Asian countries have become intolerable, he said, referring to the growing property gap between APEC countries and within them, including in China, which is the regional growth leader, and Vietnam, which hosted the APEC forum.
In the past few years, over half of all investment was made in the Pacific region, spurring its unprecedented growth (by 66% since the establishment of APEC). However, it turned out that economic liberalism, which lies at the root of this brilliant result, must be quickly readjusted or complemented with auxiliary measures. Otherwise, achievements will create problems for those whom prosperity has not reached so far.
Auxiliary measures are exactly what APEC has been trying to formulate and implement. The final documents of the Hanoi forum name dozens of programs underway in the 21 countries of the region, many of which have nothing to do with the economy. The new programs discussed in Hanoi include Russia's initiative on protecting energy communications and APEC's initiatives on fighting counterfeit and fake products, and on dealing with the consequences of epidemics.
Importantly, the goal of strengthening societies and building a more dynamic community was formulated in a separate chapter of the Hanoi Declaration.
But not all of the APEC leaders welcomed the idea. Some speakers at the CEO Summit said openly that six regional countries - China, Japan, South Korea, the Untied States, Canada and Mexico - accounted for the bulk of trade and investment (90%). This may become an irritant for the ASEAN states, Russia, Australia, Peru, Chile, New Zealand and the other member countries.
But APEC is a forum where each of the 21 member states has an equal say, and a school of tolerance and respect for the common economic interests. Speakers in Hanoi noted that they eventually reached agreement on all issues.
They agree that the regional countries are facing common threats, including a threat of excessive and unbalanced development. Even the wealthiest members, such as the U.S., are facing this threat.
U.S. Secretary of State Condoleezza Rice said at the forum that the Pacific region accounts for two-thirds of U.S. trade. This is a global sensation showing that the U.S. has ceased to be a trans-Atlantic state, and Europe should think hard about this new development. At the same time, it also means that all the dangers and imbalances facing the Pacific countries also threaten the U.S.
On the other hand, millions of people in APEC countries who have not yet fully benefited from development constitute a future growth reserve - tens of millions of potential buyers and producers.
In Hanoi, APEC has confirmed its awareness of this possibility and its readiness to move towards it.
