Topic of Regulation Central to APEC Meeting
Regulators from Asia-Pacific Economic Cooperation (APEC) member countries discussed the topic of regulation and its effect on member economies during a recent meeting in Russia, according to press releases from the meeting.
The trade liberalization forum of 21 nations met in Moscow in February to discuss ways to increase market access to the Asia-Pacific region by 25% in the next four years. The organization particularly focuses on the movement of physical goods, which includes the import and export of pharmaceutical products.
Regulators highlighted an average time-to-export reduction of 6.8% across member economies during the last year. These productivity gains come from improvement in customs, the handling of goods at ports and improved transportation infrastructure.
Other improvements, such as reducing the time necessary to incorporate a new business and reducing capital requirements, were also highlighted at the meeting.
"Regulatory cooperation has been an important area of focus for APEC because better regulation and better alignment of regulatory approaches can boost growth and deepen regional economic integration," said APEC in a statement released on their website.
The meeting in Russia comes on the heels of a 2011 meeting in Honolulu, in which APEC pledged to focus on regulation and good regulatory practices, including the production of unified regulatory agendas and guides to good regulatory governance.
The forum of 21 member economies includes the United States, Australia, China, Japan, South Korea, Russia, Canada, and Mexico.