In 2007, APEC Leaders endorsed a detailed, parallel and policy-oriented Forward Work Program for LAISR (Leaders' Agenda to Implement Structural Reform), under the five policy areas of regulatory reform, competition policy, public sector governance, corporate governance, and strengthening economic and legal infrastructure. This work program will be progressively implemented from 2007 to 2010.

In 2007, the EC progressed this structural reform work program by undertaking the following initiatives:

• The 2007 APEC Economic Policy Report, released at the APEC Economic Leaders' Meeting (AELM) in Sydney in September 2007. This publication explores a range of generalized and high-level principles for good public sector governance, and considers of how institutions can be used to support the structural reform process.
• Seminar on the Role of Competition Policy in Structural Reform (June 2007). The seminar was aimed at sharing knowledge, experiences and lessons on competition policy, and to discuss and identify the importance of competition policy in the context of structural reform.
• Self-assessment by Australia and Korea using the APEC-OECD Integrated Checklist on Regulatory Reform. These experiences were shared through the Synthesis Report: The APEC-OECD Integrated Checklist for Regulatory Reform: Results of Self Assessments, 2006-2007, in Five Economies.

• An inaugural Structural Reform Ministerial Meeting (SRMM), was hosted by Australia on 3-5 August 2008 in Melbourne. Ministers explored the benefits of structural reform, with a particular focus on regulatory reform; strategies for successful implementation of reform, including political challenges; and the importance of robust legislative and institutional frameworks. A dialogue with business also considered how and why structural reform is important to regional private sector players.

A range of measures were agreed and outlined in the Joint Ministerial Statement including:

• Endorsing the APEC Economic Committee's Good Practice Guide on Regulatory Reform which will help member economies design and improve their own regulatory frameworks;
• Tasking the EC to develop a process of voluntary self-reviews of economies' institutional frameworks that support structural reform, and to report back to Leaders through SOM on establishment of that new mechanism;
• Encouraging the EC, CTI and the Finance Ministers' process (FMP) to work together in advancing APEC's structural reform initiatives;
• Asking the EC to report back to AELM, through SOM, on progress in implementing the LAISR 2010 agenda, and how EC can continue on structural reform initiatives beyond 2010;
• Requesting the EC to strengthen the capacity building program on structural reform in its forward work program;
• Encouraging the EC to draw on expertise of the new APEC Policy Support Unit (PSU) to undertake necessary research on key aspects of the LAISR agenda.

The Economic Committee's other recent and planned activities for 2008 include:

• A Seminar on Corporate Governance, also held in Lima, on 17 August 2008, brought together the private sector, including representatives of regional stock exchanges, Institutes of Directors and ABAC; the World Bank; the OECD and EC representatives. The Seminar increased awareness within APEC of the importance of corporate governance reform; fostered a better understanding of tools such as the OECD Principles of Corporate Governance, and outcomes will now feed into several targeted capacity building initiatives in 2009 and 2010.
• A Seminar on Best Practices in Regulation and Promotion of Efficiency in Transport Infrastructure Facilities was held in Lima on 15-16 August 2008, to examine regulatory and competition policy experiences in transport infrastructure in APEC member economies. Participants heard how effective transport infrastructure helps increase market size and competition and promotes efficiency. They also noted further work could be undertaken in regulatory reform and encouraged public-private partnerships for infrastructure development.
• A SOM Policy Dialogue on Structural Reform, held during the first Senior Officials' Meeting examined the key elements of structural reform, exploring the links between "behind the border" microeconomic policies, economic growth and macroeconomic stability. The Dialogue looked at why economies should begin or continue structural reform; what the pitfalls and impediments can be, and how to tackle these often complex reforms, which range from regulatory reform and improving public sector performance management to creating 'one-stop-shops' for business licensing and strengthening competition laws.
• In February in Lima, two policy roundtables were held:
  • Regulatory reform - focused on good practices and challenges in introducing regulatory reform policy, and including an examination of how tools such as the APEC-OECD Integrated Checklist on Regulatory Reform can help assess both the existing stock of regulations and evaluate new regulatory reform efforts;
  • Public sector governance: this roundtable heard from government practitioners, and business as to how an economy can effectively use results-based budgeting to help achieve a balance between accountability and innovation in the public sector.
• A Workshop on E-governance, also held in February 2008 aimed at raising awareness among member economies of the role of ICT as an enabler for good public sector governance. The discussions covered three key areas: e- administration for better accountability, e-services for better efficiency and transparency; and e-participation by citizens, for better policy making.
• A Workshop on Government Performance and Results Management took place in March and looked at sharing best practices in planning and setting objectives for government agencies, monitoring and measuring the progress of agencies, and performance evaluation.