In 2004, APEC Leaders endorsed an ambitious work program called the Leaders' Agenda to Implement Structural Reform (LAISR). The agenda covers five areas for structural policy reform: regulatory reform, competition policy, public sector governance, corporate governance, and strengthening economic and legal infrastructure.
Building on the work in these five areas, APEC's structural reform agenda was expanded beyond the LAISR's priority areas through the APEC New Strategy for Structural Reform (ANSSR) initiative, launched in 2010. In 2015, APEC Ministers endorsed a Renewed APEC Agenda for Structural Reform (RAASR), which will guide APEC’s work on structural reform until the end of 2020.
The RAASR aims for a robust, comprehensive and ambitious structural reform agenda to reduce inequality and stimulate growth in APEC economies, and contribute to APEC’s overarching goal to promote balanced, inclusive, sustainable, innovative and secure growth, through measures in line with the following three pillars:
- More open, well-functioning, transparent and competitive markets;
- Deeper participation in those markets by all segments of society, including MSMEs, women, youth, older workers and people with disabilities;
- Sustainable social policies that promote the above-mentioned objectives, enhance economic resiliency, and are well-targeted, effective and non‑discriminatory.
The EC was established in 1994 and meets twice a year. The EC also works closely with other relevant APEC fora including the Competition Policy and Law Group, the Committee on Trade and Investment, Finance Ministers’ Process and Policy Partnership on Women and the Economy.
Last page update: March 2020
The EC supports APEC priorities by working on the implementation of the five-year Renewed APEC Agenda for Structural Reform (RAASR) mandate, endorsed by the Structural Reform Ministerial Meeting (SRMM) held in Cebu, Philippines, in September 2015. In August 2018, the High-Level Structural Reform Officials’ Meeting produced 10 Structural Reform Priorities and Gaps to Fill as a list of potential activities for the EC to focus on until 2020.
The latest meeting of the EC took place in Putrajaya, Malaysia on 16–17 February 2020 (meeting summary).The meeting discussed the implementation of RAASR, women’s economic empowerment, implementation of the Collaborative Framework for Online Dispute Resolution, alternative economic indicators beyond GDP and further steps to improve ease of doing business in the region.
This year, the work of the EC is focused on preparations for the Structural Reform Ministerial Meeting, which is scheduled to be held in August in Selangor, Malaysia. The Ministerial Meeting, which is held every five years, will further APEC’s structural reform efforts.
The EC’s annual economic policy reports can be found here. Currently, the EC is working on the APEC Economic Policy Report on Structural Reform and Women’s Empowerment, which will be produced in time for presentation at the APEC Economic Leaders’ Meeting in November 2020.
Good for Growth: Economic Integration Remains Core of APEC
Report: Asia-Pacific Business Environment Improves 7.3%
Setting Up Business in APEC Now 50% Faster
Supply Chain Financing Key to Global SMEs
Report: Asia-Pacific Growth Hinges on Consumption via Reform
Inclusiveness Key to Stimulating Consumer Spending and Economic Growth
Bollard: Asia-Pacific Growth at a Crossroads
APEC Senior Officials Lay Groundwork for New Era of Growth
‘Inclusive Economies’ Key to Asia-Pacific Growth, Says Bollard
APEC Launches New Assault on Inequality
Since 2004, APEC’s structural reform agenda has made a strong contribution to efforts to reduce behind-the-border barriers and promote balanced, inclusive and sustainable growth in the region. The agenda is fleshed out through the Leaders’ Agenda to Implement Structural Reform (LAISR) as well as the subsequent APEC New Strategy for Structural Reform (ANSSR) and Renewed APEC Agenda for Structural Reform (RAASR).
Dr James Ding
Mr Krirkbhumi CHITRANUKROH