important element of this work.
Many of APEC’s better known successes have been in trade facilitation. As a non-rules based forum founded on the principle of co-operation, APEC is well suited to this work. It provides a non-threatening environment for member economies to consider new and innovative ways to address similar problems. It also recognises the reality that on issues such as trade facilitation, one size does not necessarily fit all. Instead, member economies have the freedom to implement agreed measures and actions in a manner deemed most suitable to their own circumstances, with capacity building assistance being a key ingredient to help bridge the gap in a forum made up of members at different stages of economic development.
Notwithstanding this, TFAP I was an attempt to better focus and coordinate the forum’s trade facilitation work. Based on APEC’s Trade Facilitation principles, the plan formally responded to a call by Leaders in Shanghai in 2001 for member economies to achieve a reduction in trade transaction costs by 5 per cent across the APEC region between 2002 and 2006 as a contribution to the Bogor Goals.
Developed by trade experts drawn from all APEC member economies, TFAP I consisted of a menu of actions and measures to reduce transaction costs and simplify administrative and procedural requirements over a specified time. The Committee on Trade and Investment (CTI), the coordinating body for APEC's work on Trade and Investment Liberalization and Facilitation,