Acknowledging that too many different initiatives are underway for the time being, the so-called Spaghetti Bowl effect -- in which free trade agreements take precedence over global, multilateral rules of trade -- would be there for some time, but APEC would like to see "some improved recipes for cooking the noodles."

He expects to see work continue in the forthcoming summit on identifying the bottlenecks around potential realization of a Free Trade Area of the Asia-Pacific.

As for the Bogor Goals, set in Indonesia in 1994 to achieve free and open trade amongst developed economies by 2010 and developing economies by 2020, he admitted that advancements have been good in some areas and slower in others.

While 2020 is fast approaching, Bollard said APEC would decide whether or not to work toward achieving the Bogor Goals after 2020 or look for a new direction.

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