This paper discusses how ASEM can play an effective role in the upcoming new WTO round and thereby further liberalization of the multilateral trade regime. As ASEM only came into being after the conclusion of the Uruguay Round, participation in the new WTO round will be challenging yet critical as it could demonstrate whether the ASEM process can function as a complement to multilateral trade liberalization. In this connection, ASEM members collectively and individually need to take a proactive stance towards framing the agenda of the New Round.

Several features deserve attention. First, considering the dynamic interaction towards trade liberalization between regional and multilateral initiatives, and the failure of APEC's regional initiative (EVSL), ASEM can be expected to give new momentum to the prospects for enhanced multilateral trade liberalization. This can be achieved through providing united support for further liberalization in the New Round. Second, considering the differing development stages of ASEM members, a comprehensive New Round with the principle of a single undertaking could probably best meet the divergent interests of member countries because only this approach would enable the bargaining and concessions to occur. Third, the three issues, namely trade and investment, trade facilitation and electronic commerce, seem to meet common interests of ASEM members since they are directly trade-related and have enormous potential to enhance trade. In addition, as ASEM has its own programs in these areas, especially trade and investment and trade facilitation, it could pave the way for reaching common ground in the ASEM approach to the New Round. Fourth, in order to build consensus among ASEM members, it would be necessary to use ASEM's informal features, such as people-to-people dimension and substantive political dialogue. Lastly, if the EU takes the initiative vis-?och-vis the US in advancing the New Round, it would be from ASEM that the EU seeks support in the New Round, and ASEM thus could be expected to take a leadership role.

Consequently, if ASEM provides a useful vehicle for the New Round, this would give a decisive momentum to multilateral liberalization and the ASEM process as well and contribute to Asia and Europe making great strides in cooperation at the dawning of a new millenium.

Executive Summary

Ⅰ. Introduction

Ⅱ. ASEM and the Multilateral Trade Liberalization

Ⅲ. Maintaining the March Towards More Open Global Trade

Ⅳ. Reaching Common Ground Among ASEM Partners
1. Trade and Investment
2. Trade Facilitation
3. Electronic Commerce

Ⅴ. ASEM as a Catalyst for Multilateral Liberalization

Ⅵ. Concluding Remarks

References

國文要約