APEC business council will work for trade liberalization<\/p>\n
MANILA (AFP): The new APEC Business Advisory Council will work
\nto liberalize trade within the Asia-Pacific region, the
\nPhilippines representative to the group said yesterday.<\/p>\n
Roberto Romulo, who will represent the Philippines at the
\ncouncil's inaugural meeting in Manila this weekend, said the
\ngathering was an acknowledgement by leaders of the APEC nations
\nthat private business had pioneered economic integration in the
\nregion.<\/p>\n
The council is made up of three business leaders from each
\nmember of the Asia Pacific Economic Cooperation forum (APEC) to
\nprovide the business community's views on the group's activities,
\nincluding the plan to create a free-trade area among members by
\n2020.<\/p>\n
APEC includes Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, South Korea, Malaysia, Mexico, New
\nZealand, Papua New Guinea, Singapore, Taiwan, Thailand, the
\nUnited States and the Philippines.<\/p>\n
Romulo also said the council could also work to \"fast-track
\ntrade liberalization\" within APEC and could \"facilitate the trade
\nliberalization\" by working on various projects.<\/p>\n
He said proposed projects ranged from a common \"smart visa\"
\nfor easier travel within the region, an \"electronic data
\ninterchange for cargo clearance\" and common APEC standards for
\nfood labeling.<\/p>\n
Tommy Koh, head of the secretariat of the Pacific Basin Forum,
\nan earlier APEC advisory which is winding down, said the opinions
\nof council members would not necessarily agree with those of the
\nleaders of their economies.<\/p>\n
Koh said this was the experience within the Pacific Basin
\nForum where members often criticized their own economies.<\/p>\n
He said the council would give APEC leaders \"a reality check\"
\non how trade liberalization is really progressing.<\/p>\n
Romulo added that all council members, most of whom head large
\ncompanies, would attend the APEC summit in the northern
\nPhilippine free port of Subic in November.<\/p>\n
Koh, who is also ambassador at large of Singapore, also
\nannounced that Singapore was dropping its bid to host the
\nsecretariat of the Business Advisory Council, leaving the
\nPhilippines as the sole candidate.<\/p>\n
Under the APEC action plan, developed countries will open up
\ntheir economies by 2010 while developing countries will achieve
\nthis by 2020.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/apec-business-council-will-work-for-trade-liberalization-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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