Osaka summit 'crucial' to Bogor accord<\/p>\n
SINGAPORE (AFP): Japan's Finance Minister Masayoshi Takemura
\nstressed yesterday the need for unity within the Asia Pacific
\nEconomic Cooperation (APEC) forum to flesh out an ambitious
\naccord removing tariff barriers within a quarter-century.<\/p>\n
Takemura said the third summit of the 18-member APEC forum in
\nOsaka in November was \"crucial\" to the successful implementation
\nof the accord reached in Indonesia last year to create a free
\ntrade zone by 2020.<\/p>\n
\"The Osaka meeting is a very important one to promote free
\ntrade and investment in the Asia-Pacific region,\" a senior
\nJapanese official quoted Takemura as saying during talks with
\nSingapore's Premier Goh Chok Tong.<\/p>\n
Takemura, who arrived late Wednesday for a two-day visit, also
\nsought Singapore's support in making the summit in Osaka a
\nsuccess, Japanese deputy vice-minister for international affairs
\nHaruo Funabashi told a media briefing after the talks.<\/p>\n
Under the Bogor Declaration framed during the second APEC
\nsummit in Indonesia last November, \"free and open trade and
\ninvestment in the Asia-Pacific\" should be achieved no later than
\n2020.<\/p>\n
Industrialized economies within APEC, however, will have to
\nachieve that goal by 2010. No dates were set for the newly
\nindustrializing economies such as Singapore, South Korea, Taiwan
\nand Hong Kong.<\/p>\n
The Osaka summit would have to turn the broad commitment
\nreached at Bogor into a blueprint for action, officials said.<\/p>\n
APEC comprises Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, South Korea, Malaysia, Mexico, New
\nZealand, Papua New Guinea, the Philippines, Singapore, Taiwan,
\nThailand and the United States.<\/p>\n
Liberalization<\/p>\n
Funabashi said that during the talks with Takemura, Goh urged
\nJapan to push forward the process of trade liberalization among
\nthe APEC members.<\/p>\n
Goh also told Takemura that implementing the Bogor accord in
\nOsaka might be a \"painful\" process, Funabashi said.<\/p>\n
Analysts said that although the commitment was there and the
\ntarget set, APEC leaders might argue over details in implementing
\nthe Bogor accord.<\/p>\n
There is also concern in Washington that Japan may be less
\nkeen to push ahead than either the United States or Indonesia,
\nwhich drafted the Bogor accord, news reports said.<\/p>\n
Goh also urged Japanese companies to team up with counterparts
\nin Singapore to assist in the economic development of China,
\nIndia, Indonesia and Vietnam, Funabashi said.<\/p>\n
Takemura, who held talks with Singapore's senior minister Lee
\nKuan Yew and finance minister Richard Hu, left late yesterday for
\nKuala Lumpur where he was expected to hold talks with Prime
\nMinister Mahathir Mohamad today.<\/p>",
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