October 2002

On October 26-27, 2002, the Tenth APEC Leaders’ Meeting (summit) is to be hosted by Mexico in Las Cabos, Mexico. APEC 2002 is intended to send a clear message to the world that APEC has the ability to implement its initiatives while responding and adapting to changes in the global and regional economies. The United States has been pushing for APEC to adopt an action plan to increase the effectiveness of a freeze on terrorist-related assets. APEC is an association of twenty-one economies bordering the Pacific Ocean who are working cooperatively to reduce barriers to trade and investment; ease the exchange of goods, services, resources, and technical know-how; and strengthen economic and technical cooperation. For the United States, APEC raises fundamental questions that are of special interest to Congress. One is whether consensus can be achieved on the APEC vision of free trade and investment in the Asia Pacific or whether future trade liberalization will be confined primarily to bilateral free-trade agreements or multilateral trade negotiations under the World Trade Organization.