While perceptions will evolve, there may be limits to persuasion. It ls certainly possible that some of the most entrenched forms of regulations or prolection can only be dismantled through the negotiation of some binding agreement. But that does not require a needless effort to convert the entire APEC process into a formal structure. It certainly must not lead to a perception that all reforms to achieve co-operation are "concessions" to others, rather than inherently positive-sum games. It may prove sensible to deal with some impediments to trade and investment In the Asia Pacific through multilateral institutions, especially the WTO. Multilateral negotiations can also serve to ensure a positive global response to the dismantling of impediments to international economic transactions By Asia Pacific economies.