Established in 1989 as the first broad regional institution for intergovernmental dialogue on economic policy issues?in the Asia-Pacific region, APEC has emerged as one of the most powerful regional groups in the world economy, assuming more than 50% of world GDP and trade volume, respectively. Over the last 11 years of its existence, APEC activities achieved a remarkable progress: the number of its members nearly doubled, the level of intergovernmental cooperation has been substantially upgraded, and since 1997 APEC has entered the stage of implementation. Also, cooperation areas of APEC have been widened continuously and the degree of cooperation deepened successively. Even though APEC attained a relatively influential position in the world economy, its importance within the world trading system remains controversial, both internally and in its external relations. APEC at the moment stands at a crossroad, and runs the risk of being marginalized not only in the world trading system, but also in the Asia-Pacific region. Not to be labeled as a qozere talk shop? APEC has to tackle both internal and external challenges. Internally, the solidarity among all member economies needs to be strengthened, which means APEC has to redesign and solidify its long-term vision, and systemize the cooperation agenda. Moreover, in its outreach to non-members, and especially in its relationship to the multilateral trading system, APEC has to find out how it can contribute to the strengthening of the multilateral trading system. In this context, it is imperative that APEC elaborates how it can assist the launch and successful operation of a WTO new round. This paper elaborated on possible contributions of APEC to a WTO new round, concentrating on three issue areas ?launching, liberalization and rules making. Main conclusions of the paper are as follows.First, the paper argues that APEC can exercise a strong influence on the shaping of a new multilateral trading system. Second, as regards the launching of a WTO new round, the paper recommends APEC to vigorously pursue the earliest possible launch of a new round, and suggests APEC establish a position that favors a comprehensive approach and a single-undertaking-approach, while paying special attention to ensure a balance of interests and concerns of its members. Third, the paper identifies a unilateral implementation of the ATL package by APEC member economies as the best policy option to deliver substantial contributions to the new round. Fourth, the paper argues that the composition of APEC, which has diversity in economic development stages with heterogeneous industrial structures, offers a chance for APEC-internal agreements to spill over to the multilateral trading system. It points out that agricultural liberalization and reform of WTO anti-dumping rules are good candidates for this approach. Fifth, the paper also regards the recent APEC initiative to set moratorium on the imposition of customs tariffs for e-commerce related product categories as a model case for the APEC process to have positive impact on the multilateral WTO process. Sixth, the paper recommends APEC to unify different APEC-intern rules of origin or at least harmonize them, and deliver those rules to the WTO, thereby to partly compensate for the negative impacts stemming from the proliferation of sub-regionalism within APEC. Lastly but most importantly, the paper argues that a strong US leadership both within APEC and in the WTO is needed to capture the opportunities for APEC and the WTO to mutually support each other.

I. Introduction II. Interdependence between APEC and the WTO III. The Launch of a New Round and APEC's Role IV. Liberalization Issues and APEC's Role V. Rules Making Issues and APEC's Role VI. Conclusions