NEW YORK. Nov 10: The Asia-Pacific countries, already boasting the world's most dynamic economies, are considering a plan to promote even more trade ih the region, reports AP.

US President Bill Clinton and other leaders will take up the proposal at the second annual Asia Pacific Economic Cooperation summit that starts Tuesday in Bogor. Indonesia, about 50 kilometers (30 miles) outside of Jakarta.

The 18 member countries — including the United States. Canada. Mexico. Japan, Australia and China — account for 40 per cent of the world's population and 50 per cent of its economic output.

APEC, founded in 1989. has kicked around varidus propos als to make trading and investing easier, but it has yet to decide exactly when and how to do it. '

At their first summit in Seattle last year, APEC leaders pledged allegiance fo the principle of free trade but couldn't agree on a timetable for achieving that goal They also disagreed on whether to extend lower tariffs to countries outside APEC

This year, prodded by an enthusiastic President Suharto of Indonesia, the leaders will consider removing trade barriers by 2020. Under the plan, developed economies such as the US and Canada would reduce tariffs on imports from other APEC members by 2005: and newly-Industrialized economies such as South Korea would do the same by 2010. Finally, less developed economies such as the Philippines would reduce their barriers to APEC members by 2020.

Setting such a timetable, however, may be difficult because APEC's diverse members have different trade agendas.

"The US. Canada. Mexico and Australia are more interested in a free trade area because they need growth," says Linda Lim, professor at the University of Michigan School of Business.

Some Asian countries are not as enthusiastic because their economies ’ already are growing rapidly, said Lim. Developing economies also want to proceed more slowly because they are concerned about protecting their industries from foreign competition.

Not everyone believes that

APEC's first goal should be a free trade area.

'These guys are really flying with their radar screens blanked out and they just don't want to admit it," said Mark Borthwick. US Director of the Pacific Economic Cooperation Council, a group of academics and executives that works closely with APEC.

"They could do a great deal with APEC by disseminating information and not worrying about the grandiose ambition of a free trade area." he said. Exchange of economic data, for example, would go a long way toward understanding Asia's booming economies and. eventually, improving coordination among them

Um said a free trade area would not bring many benefits since Asian countries already are dropping barriers under a global trade accord and through unilateral efforts.

Trade liberalization is happening anyway so it s not clear that APEC would make it happen faster.”'Um says.

Trade with APEC countries accounts for more than half of all US ’exports and is responsible for 2.5 million US jobs, according to official figures.