APEC asked to set the pace in WTO talks

APEC asked to set the pace in WTO talks

SINGAPORE (AFP): Asia-Pacific economies should set the pace in making commitments to accelerate the pace of global trade liberalization, an influential think tank said Saturday ahead of the a key World Trade Organization (WTO) meeting here.

"The Asia-Pacific is in a strong position to take the lead in furthering the momentum of liberalization," said the Pacific Economic Cooperation Council (PECC), an independent body of senior government, business and academic officials.

In a statement ahead of the first WTO ministerial conference, the PECC cited the recently-concluded Asia Pacific Economic Cooperation (APEC) leaders' summit in Manila as a reflection of the free-trade commitment of the region.

The meeting "was a timely demonstration, both in statements of intent and in action, of APEC's commitment to work within and to strengthen the WTO process."

The leaders of the 18 economies of the APEC forum had agreed to pursue an action plan to free trade and investment by 2020. Most of the tariff reductions proposed by the APEC economies under the plan were faster and more extensive than their Uruguay Round commitments.

The Singapore meeting will, among others, review the implementation of the commitments made by nations under the Uruguay Round of the General Agreement of Tariffs and Trade (GATT) talks concluded in 1994, leading to the WTO's creation.

It will also seek to commence further work on the "built-in" agenda of the WTO -- provisions in agreements reached under the Uruguay Round to further liberalize a range of sectors, including agriculture and services, within given time frames.

The PECC said the WTO's "highest priority" was to ensure full compliance of the obligations made under the Uruguay Round, complete the remaining negotiations on the services front and broaden the commitments made by member economies.

The PECC is the only non-governmental body acting as observer in the APEC forum.