APEC determined to lead sectoral liberalization<\/p>\n
By Riyadi<\/p>\n
MONTREAL (JP): Asia Pacific Economic Cooperation (APEC) trade
\nministers reaffirmed their commitment here over the weekend to
\nleading trade and investment liberalization globally and to
\nworking toward free trade in financial services.<\/p>\n
The ministers agreed at the end of their two-day meeting
\nSaturday to maintain APEC leadership in trade and investment
\nliberalization by improving their individual action plans,
\npursuing earlier sectoral liberalization and encouraging further
\nnegotiations on unfinished business under the World Trade
\nOrganization (WTO).<\/p>\n
\"The major significance of this meeting is the broad support,
\nexpressed by ministers to develop sectoral liberalization
\ninitiatives in APEC,\" host Canadian Minister of Trade Arthur
\nAggleton told a joint press conference at Le Centre Sheraton
\nhotel.<\/p>\n
Outside the hotel, a group of around 30 people staged a one-
\nhour demonstration, unfurling banners which read: \"Placer Dome
\nIcn, don't leave the Philippines without cleaning up\", \"China,
\nrespect human rights\", \"Canada, help Tibet and Free Pakpahan.\"<\/p>\n
The meeting was the first of a series of ministerial meetings
\nCanada will host to provide impetus for APEC's work in the run-up
\nto the APEC Ministerial and Economic Leaders' Meeting in
\nVancouver from Nov. 22 to Nov. 25.<\/p>\n
Eggleton said 18 APEC trade ministers reaffirmed their
\ndetermination to continue APEC's leadership and credibility in
\ntrade liberalization and discussed a number of sectors that might
\nbe candidates for early voluntary liberalization.<\/p>\n
\"This meeting has created the momentum to move forward with
\nrecommendation on specific sectors to be leaders in November,\"
\nEggleton said.<\/p>\n
He said delegations came up with specific ideas, ranging from
\nenvironmental goods and services to automotive products to
\nchemicals.<\/p>\n
Indonesia proposed textile, apparel and footwear as sectors
\nfor early liberalization with the view that it would benefit most
\ndeveloping economies.<\/p>\n
As each country proposed different sectors for early
\nliberalization, the ministers agreed to assign senior officials
\nto examine the merits of pursuing sectoral comprehensive
\nliberalization.<\/p>\n
The ministers instructed officials to complete their study by
\nthe end of August and to report to them before the next APEC
\nleaders meeting in November.<\/p>\n
The ministers instructed officials, in undertaking this work,
\nto consider encompassing tariff and non-tariff dimensions,
\nelements of trade facilitation as well as economic and technical
\ncooperation.<\/p>\n
They should also encompass critical mass, by developing
\ninitiatives supported by significant groups of APEC members,
\ntaking into account their different levels of economic
\ndevelopment and providing a foundation for participation beyond
\nthe APEC region, and where appropriate, for incorporation into
\nthe WTO.<\/p>\n
\"Five months ago, APEC provided the impetus in the critical
\nmass required to complete WTO negotiations on information
\ntechnology agreement and agreement on basic telecommunications,\"
\nEggleton said.<\/p>\n
The ministers also encouraged WTO members to work toward a
\nfull financial services agreement in the WTO with improved market
\naccess and national treatment commitments by December.<\/p>\n
They also agreed to further improve individual action plans
\nand provide reports on actions taken to implement their
\ncommitment for 1997 by Aug. 15.<\/p>\n
Philippine Secretary of Trade and Industry Cesar Bautista
\nsaid improvement in individual action plans should cover not only
\ntariff reductions but also trade facilitations as well as
\neconomic and technical cooperation.<\/p>\n
The ministers also confirmed their desire to work closely with
\nthe APEC Business Advisory Council, representing the private
\nsector, respecting in particular its recommendations on
\nfacilitating the movement of business people; enhancing
\ninvestment flows; strengthening investment protection through
\ntransparency, predictability, arbitration and enforcement of
\ncontracts.<\/p>\n
The recommendations also included those on aligning
\nprofessional standards in the region, involving the private
\nsector in infrastructure planning; the development of policies
\nsupportive of small and medium enterprises; and encouraging
\ngreater business sector participation in economic and technical
\ncooperation.<\/p>\n
Indonesian Minister of Industry and Trade Tunky Ariwibowo
\nsaid APEC encouraged the private sector to actively take part in
\nAPEC processes because \"the private sector is the engine of
\ngrowth of economic development and liberalization and the one
\nthat makes things happen\".<\/p>\n
The ministers also supported the recommendations from the APEC
\nCustoms-Industry Symposium for the simplification and
\nharmonization of customs procedures in a bid to facilitate trade
\nand lower the cost of doing business.<\/p>",
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"sponsor": "Okusi Associates",
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