Forum for East Asia - Latin America Cooperation (FEALAC), a multilateral intergovernmental forum founded in 1998, was proposed by Mr. Go-Chokutong, former Prime Minister of Singapore, with the aim to strengthen economic and social relationship between East Asia and Latin America. Since its creation, this Forum has dealt with a wide range policy issues, not only economic but also technology, environment protection and sports and others. At present FEALAC consists of 15 East Asian countries including Australia and New Zealand, and 17 Latin American countries.
FEALAC has developed a structure operating at three levels below the umbrella of the Ministerial meetings. At the first level, Senior Officials meet at regular intervals to provide ongoing coordination and guidance. At the second level, three Working Groups have been established in the areas of: (i) Science and Technology; (ii) Political and Cultural; and (iii) Economy and Society. These Working Groups (WGs) discuss and implement the cooperative projects that members undertake. At present, Japan and Argentina co-chair the Economy and Society Working Group.
The next 3rd "Foreign Minister's Meeting" is going to be held in Brazil in August 2006. The 4th meeting of the Economy and Society Working Group is going to be held in May 2006 in Tokyo, Japan, prior to this Minister's Meeting. In this WG meeting the present economic and social prospects in both regions and several specific policy issues from the FEALAC perspective are going to be analyzed and discussed, in preparation for a "Final Report" of the WG including "Policy Recommendations".
FEALAC is still in the developing stage. This in turn requires the Forum to address some new emerging issues and analyze how they affect economic and social relationship between the two Regions. For this purpose, each WG has a mandate to analyze and discuss those problems common to both Regions in its own competence, and to come up with concrete projects or initiatives to tackle these problems.
The project consisted on two components: (i) Follow-up on the issues addressed by the Economy and Society Working Group up to now; and (ii) Analysis on the present situation and future prospects of CDM for the FEALAC member countries, a new topic to be presented by the Japanese Government at the 4th meeting of the Economy and Society Working Group.
The paper(s) produced under this project shall be distributed to the to the FEALAC member countries prior to the 4th WG meeting in advance for their consideration and comments.
OUTLINE OF STUDY
The project shall focus especially on "CDM" as the new topic for FEALAC.
The implementation phase for the "Emissions Target" of the Kyoto Protocol is approaching, envisaged for the period of 2008 to 2012. CDM projects are now being implemented In view of the above, both securities markets and the private sector are now seriously evaluating this CDM mechanism as a new business opportunity. For this purpose, the commissioned paper to ECLAC, which might be entitled as a Session Paper, will serve as inputs for the preparation of a "Final Report", to be presented at the 4th meeting of the Economic and Society Working Group, covering the following aspects and issues of CDM:
(i) Research and documentation on the latest situation of CDM projects(Latest activities of the Executive Board of CDM of the United Nations, Latest situations of the Conference of the Parties of the United Nations Framework Convention on Climate Change(COP), etc.);
(ii) Research and documentation on how FEALAC member countries are addressing the CDM issue;
(iii) Research and documentation on the CDM projects executed by the private sector and in-depth study to assess CDM market potentiality;
(iv) Research and documentation on the problems related to CDM project execution and solutions for these problems; and
(v) Recommendations for promoting CDM in the FEALAC region.
Note: These contents could be subject to modifications in the course of the project implementation.