APEC trade ministers agree on WTO talks<\/p>\n
Kelly Olsen, Associated Press\/Busan, South Korea<\/p>\n
Pacific Rim trade ministers agreed on Tuesday on a joint
\nstatement aimed at reviving stalled global trade talks, stopping
\nshort of naming the European Union as the main stumbling block as
\nsome began to see signs of compromise in the words of British
\nPrime Minister Tony Blair.<\/p>\n
Breaking a deadlock in the World Trade Organization over
\nsubsidies in the heavily-protected farming sectors of Europe and
\nsome other developed countries has become a key focus of the Asia
\nPacific Economic Cooperation forum meeting in Busan, South Korea.<\/p>\n
Trade ministers from APEC's 21 member economies held a special
\nmeeting on Tuesday with WTO chief Pascal Lamy, and later agreed
\non the wording of a special statement on the issue they will hand
\nto APEC leaders for their annual summit on Friday and Saturday.<\/p>\n
Officials here hope a strong statement by APEC's leaders,
\nincluding U.S. President George W. Bush, Japan's Junichiro
\nKoizumi and China's Hu Jintao, will have enough political clout
\nto revive hopes for a WTO meeting in Hong Kong next month.<\/p>\n
\"If we can, as countries that make up 50 percent of world
\ntrade, come up with a strong commitment then we can make the
\nprogress happen on our side,\" said Indonesian Trade Minister Mari
\nPangestu.<\/p>\n
Australian Foreign Minister Alexander Downer and Chilean
\nForeign Minister Ignacio Walker took heart from a speech by Blair
\non Monday that challenged the United States and the EU to take
\nthe steps needed to make the Hong Kong talks a success.<\/p>\n
\"We need a comprehensive, ambitious agreement to cut barriers
\nto trade in the three key areas: agriculture, nonagricultural
\nmarket access, and services,\" Blair said in London.<\/p>\n
Blair \"has the presidency of the European Union at the moment
\nand if his speech does reflect the views of the European Union
\nit's an important step forward,\" Downer said.<\/p>\n
Many of APEC's members are exporting economies that stand to
\nmake big gains from greater access to highly protected markets in
\nEurope, the United States and elsewhere.<\/p>\n
Europe's trade chief Peter Mandelson said last week the EU
\nwould make no new offer on agriculture ahead of the Hong Kong
\nmeeting.<\/p>\n
Singapore's Foreign Minister George Yeo acknowledged that APEC
\nhas little firepower to push through a conclusion.<\/p>\n
\"We can only express our political will to have a successful
\nministerial meeting in Hong Kong,\" Yeo said. \"But in the end the
\nnegotiations would be tough, we must expect that because the
\nstakes are very high.\"<\/p>\n
APEC officials are worried the so-called Doha round of
\nnegotiations could collapse if progress is not made at the Dec.
\n13 to Dec. 18 Hong Kong meeting and have said leaders will issue
\na \"powerful statement\" to help achieve a breakthrough.<\/p>\n
Some analysts are doubtful that APEC leaders can influence the
\nWTO talks.<\/p>\n
\"I think at best they can offer a strongly worded statement of
\nintent,\" said Mike Moran, regional economist at Standard
\nChartered Bank in Hong Kong. \"I wouldn't be surprised if come the
\nend of the WTO meeting in Hong Kong that we're exactly where we
\nare right now.\"<\/p>",
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"sponsor": "Okusi Associates",
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