APEC may press ahead with liberalization despite crisis<\/p>\n
KUCHING, Malaysia (Reuters): Asia-Pacific ministers will press
\nahead with efforts to free up trade at a meeting in Malaysia next
\nweek despite an economic crisis that has rocked Asia, delegates
\nsaid on Wednesday.<\/p>\n
Trade ministers from the 18-nation Asia Pacific Economic
\nCooperation (APEC) forum meet in Kuching city on Borneo island on
\nJune 22-23 in their final run-up to the annual APEC summit, set
\nfor mid-November in Kuala Lumpur.<\/p>\n
Senior officials will lay the groundwork for the trade
\nministers at a two-day session starting yesterday.<\/p>\n
The ministers are expected to draw up a plan for accelerated
\nliberalization in nine sectors and reach an agreement on
\nelectronic commerce, officials said.<\/p>\n
\"There is satisfactory progress at the initial officials
\nmeeting. The focus is on EVSL,\" an official from the APEC
\nsecretariat in Singapore told Reuters.<\/p>\n
\"There seems to be some pullback by Asian countries, like
\nIndonesia, which are badly affected by the economic crisis, but
\nthe sentiment on the whole is for liberalization,\" he said.<\/p>\n
At last year's summit in Vancouver, APEC leaders agreed that
\nmember economies would set targets and deadlines for accelerated
\nliberalization in nine sectors by this June.<\/p>\n
The nine sectors due for \"early voluntary sectoral
\nliberalization\", or EVSL, are environmental goods and services,
\nfish and fish products, forest products, medical equipment and
\ninstruments, telecommunications mutual recognition agreement,
\nenergy, toys, gems and jewelry and chemicals.<\/p>\n
\"The economic crisis is an issue, but it is unlikely to
\novershadow the liberalization process. But at the moment, only
\npreparatory work is going on. The decision will be with the
\nministers,\" said an Australian delegate.<\/p>\n
The year-long regional crisis has thrown many fast-growing
\nAsian economies into a tailspin, pushing down stock prices,
\nundercutting currency values and eroding firms' profits.<\/p>\n
Thailand, Indonesia and South Korea, all members of APEC, had
\nto seek multi-billion dollar rescue packages from the
\nInternational Monetary Fund.<\/p>\n
Tiger economies<\/p>\n
Many Asian economies are expected to contract this year.
\nForeign investors, whose funds helped transform the nations into
\n\"tiger economies\", are showing no desire to return in any
\nsignificant way after fleeing last year.<\/p>\n
Earlier this month, APEC telecommunications ministers endorsed
\na mutual recognition agreement, which officials said set the
\nstage for liberalization in other sectors.<\/p>\n
The telecommunications ministers urged that priority be given
\nto developing Internet-based electronic commerce to promote trade
\nand investment among APEC economies.<\/p>\n
The APEC senior officials are expected to prepare a draft
\nwhich would then be forwarded to the ministers.<\/p>\n
APEC groups Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New
\nGuinea, Philippines, Singapore, South Korea, Taiwan, Thailand and
\nthe United States.<\/p>\n
Peru, Vietnam and Russia, which are scheduled to join APEC at
\nthe November summit in Kuala Lumpur, are participating in the
\nministerial meeting as observers.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/apec-may-press-ahead-with-liberalization-despite-crisis-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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