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Working Papers
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The Analysis & Assessment of APEC Manila Action Plan with Special Reference to IAPs
At the Summit held in Subic Bay, Philippines in 1996, APEC Economic Leaders adopted the Manila Action Plan for APEC (MAPA) which materialized the trade and investment liberalization and facilitation efforts of APEC.MAPA consists o..
Chan-Hyun Sohn et al. Date 1997.12.03
Free TradeDownloadContentSummaryAt the Summit held in Subic Bay, Philippines in 1996, APEC Economic Leaders adopted the Manila Action Plan for APEC (MAPA) which materialized the trade and investment liberalization and facilitation efforts of APEC.
MAPA consists of three major parts: Individual Action Plans (IAPs), Collective Action Plans (CAPs), and the Declaration to Strengthen Economic and Technical Cooperation (Eco-Tech). IAPs specifies the voluntary plans of eighteen APEC member economies for trade and investment liberalization and facilitation in fourteen areas such as tariffs, non-tariffs, investments, customs procedures, intellectual property rights, and so on. CAPs specifies the trade and investment liberalization and facilitation measures that will be collectively pursued by the member economies. The declaration to strengthen Eco-Tech selects six areas of major focus: human resource development, capital markets, infrastructure, technology, the environment, and small and medium enterprises. MAPA has been effective since January 1st of 1997. Therefore, the trade and investment liberalization efforts of APEC are now being actively implemented.
The review of IAPs shows that member economies proposed various positive measures to be implemented in 14 areas of trade and investment liberalization and facilitation. Even though some member economies submitted more advanced action plans than others, current IAPs is a positive initial step towards the freer trade and investment in the Asia-Pacific region. -
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Current Status of Foreign Investment and Its Legal System in Russia
By the end of 1997, foreign investment accounted for only 1% of Russian GDP, of which South Korean investment totalled only 100 million dollars.Many western economists criticize Russia's legal system governing foreign investment f..
Youngjoo Chung Date 1997.12.01
Foreign InvestmentDownloadContentSummaryBy the end of 1997, foreign investment accounted for only 1% of Russian GDP, of which South Korean investment totalled only 100 million dollars.Many western economists criticize Russia's legal system governing foreign investment for being poorly developed by international standards. The Russian government blames domestic conservative forces for impeding implementation of a consistent policy. Inconsistent taxation has not only discouraged foreign investors, but the Russian government has failed to raise foreign investor interest in natural resource development, land purchases and M&As.
The Russian government has recently introduced laws that stimulate foreign investment in order to accelerate Russia's economic reform. According to the Draft Law on Foreign Investment, the Russian government is entitled to provide incentives for existing Russian industries and particular regions. Recently, President Yeltsin announced that he would dismantle regulations to allow foreign investors to purchase more than 15% of shares of Russian oil companies. President Yeltsin has also signed a decree to allow naturalized persons and legal entities to purchase land.
All macro economic indicators have stabilized recently and Russia appears well on track towards economic recovery. In this context, Korean investment in Russia should be encouraged as part of a long-term strategy for creating a "new road" to the huge European market. Based on a survey of foreign investment in Russia and the relevant legal system, this study examines prospects for Korean investment in Russia.