The results of a systems estimate of the South Korean meat sector are presented. The system is well behaved in that it satisfies the theoretical restrictions. Some of the parameters of the demand system are then used to simulate the effects of trade liberalization in the South Korean beef sector. The results indicate that South Korea would reduce its trade surplus by as much as $800 million by 1999 if its beef sector was liberalized. The principal beneficiaries of this liberalization would be the United States and Australia.

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This paper reviews the performance of APEC over the last 10 ***years and discusses the challenges it faces. The review of APEC's performance turns out to be unsatisfactory. Nonetheless, APEC has the potential to be a valuable economic forum in the region. In the short and medium term, APEC confronts with four challenges: 1) how to reach the Bogor goals of 2010/2020, 2) how to contribute to global liberalization; 3) how to achieve a balance between TILF and Ecotech; and 4) how to harmonize subregionalism in the region with APEC's goals.

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