Bali Package For Economic Growth

Tuesday, 08 October 2013

​Although the term used is similar, never think of sending an item with this package to the island of Bali. Its official name is “Bali Declaration: Resilient Asia-pacific, Engines of Global Growth”. To make people remember it more easily, this document is simply called “Bali Package”.

Bali package is the final document emerged from APEC Economic Leaders' Meeting, which took place in Nusa Dua, Bali from October 7 to 8, 2013, which is the culmination of more than 180 meetings taking during Indonesia’s chairmanship in APEC. This package contains several documents, namely: a Declaration of up to 8 pages (26 points) and two attachments namely “APEC Framework on Connectivity” and “Multi-Year Plan on Infrastructure Development and Investment.”

Declaration of the Economic Leaders contains records of successes that have been achieved since APEC Bogor 1994. It is said, APEC economies have managed to eradicate hundreds of people in Asia-Pacific from the yoke of poverty and build an open, strong and innovative economy, which is now the driving force of growth. Everything has been accomplished through a series of policies formulated very carefully and responsibly.

Given the success and development of the global economy, the APEC leaders are committed to avoiding protectionist attitudes and measures that distort trade. “We will continue our commitment to strengthen and deepen regional economic integration and eliminate barriers to trade and investment in the region,” the APEC leaders wrote.

The declaration also specifies the steps to be performed, which are further divided into three pillars: Supporting Multilateral Trading System and Attaining the Bogor Goals, Promoting Connectivity, and Sustainable Growth with Equity. The main pillars of APEC confirm support for the efforts to establish a global trade regime under the WTO. Specifically for this support, the leaders even issued a special document supporting the Multilateral Trading System and the 9th Ministerial Conference of the WTO. The leaders also reaffirmed its determination to achieve all Bogor Goals in 2020.

In the second pillar, the leaders realize the importance of the flow of goods, services, capital and people efficiently in the APEC economies. To that end, there will be an increase in physical connectivity, institutional and societal (people to people contact). Comprehensive connectivity is expected to be achieved through “APEC Framework on  Connectivity”,  In relation to people-to-people contact, we target the student exchange among APEC countries as many as 1 million people per year by 2020,” added the leader . Physical connectivity will apply “Multi-Year Plan on Infrastructure Development and Investment”.

The third pillar contains a series of strategies to achieve sustainable and equitable growth. In particular, this section highlights the importance of strengthening the role of women in economic activities, encouraging the involvement of SMEs, trade finance facilitation, encouraging critical role of farmers and fishermen, as well as strengthening cooperation across law enforcement apparatus and education areas. In this regard, the APEC leaders have agreed to the establishment of Anti-Corruption Authorities and Law Enforcement Agencies (ACT-NET), which was proposed by Indonesia.

At the closing, the APEC leaders hope that future developments will increase the synergy between government and the private sector (ABAC). It is also believed that APEC will continue to lead the world economic recovery. (Information and Media/M. Aji Surya/Chandra K. State)