APEC business council will work for trade liberalization

APEC business council will work for trade liberalization

MANILA (AFP): The new APEC Business Advisory Council will work to liberalize trade within the Asia-Pacific region, the Philippines representative to the group said yesterday.

Roberto Romulo, who will represent the Philippines at the council's inaugural meeting in Manila this weekend, said the gathering was an acknowledgement by leaders of the APEC nations that private business had pioneered economic integration in the region.

The council is made up of three business leaders from each member of the Asia Pacific Economic Cooperation forum (APEC) to provide the business community's views on the group's activities, including the plan to create a free-trade area among members by 2020.

APEC includes Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Singapore, Taiwan, Thailand, the United States and the Philippines.

Romulo also said the council could also work to "fast-track trade liberalization" within APEC and could "facilitate the trade liberalization" by working on various projects.

He said proposed projects ranged from a common "smart visa" for easier travel within the region, an "electronic data interchange for cargo clearance" and common APEC standards for food labeling.

Tommy Koh, head of the secretariat of the Pacific Basin Forum, an earlier APEC advisory which is winding down, said the opinions of council members would not necessarily agree with those of the leaders of their economies.

Koh said this was the experience within the Pacific Basin Forum where members often criticized their own economies.

He said the council would give APEC leaders "a reality check" on how trade liberalization is really progressing.

Romulo added that all council members, most of whom head large companies, would attend the APEC summit in the northern Philippine free port of Subic in November.

Koh, who is also ambassador at large of Singapore, also announced that Singapore was dropping its bid to host the secretariat of the Business Advisory Council, leaving the Philippines as the sole candidate.

Under the APEC action plan, developed countries will open up their economies by 2010 while developing countries will achieve this by 2020.