APEC officials set for talks aimed at liberalizing trade
APEC officials set for talks aimed at liberalizing trade
SINGAPORE (AFP): Senior Asia-Pacific officials will launch talks this weekend to reassess mechanisms to lift trade barriers in the region and push ahead with a fast-track tariff liberalization program.
The officials from the Asia-Pacific Economic Cooperation (APEC) forum, which wants to forge free trade and investment across the Pacific rim by 2020, will hold their 10-day talks in oil-rich Brunei's capital Bandar Seri Begawan.
It is the first of a series of meetings in the run-up to the November summit talks of the 21 APEC member economies, including the United States, Russia and China.
Of particular interest at the upcoming meeting will be the fate of a proposed rapid trade liberalisation scheme covering nine key sectors, including forestry and fisheries, worth more than US$1.5 trillion.
The so-called accelerated tariff liberalization program suffered a setback with the failure in December by the World Trade Organisation (WTO) to launch a new round of global trade negotiations.
APEC had hoped the launching of a new round of trade talks at the WTO ministerial meeting in Seattle would enable the Asia- Pacific grouping to market to the world its model fast track liberalisation plan.
"The SOM (senior officials' meeting) will provide the first opportunity since Seattle to assess the (accelerated tariff liberalization) scheme," said Serbini Ali, executive director at the Singapore-based APEC secretariat.
Philippine Foreign Secretary Domingo Siazon said APEC had a significant role in helping to restart a new round of talks on trade liberalization.
"If all the APEC members agreed on (liberalization in) any sector, you have a critical mass, then WTO will be easier because then you just have to negotiate with the European Union," he said in a recent meeting with reporters in Singapore.
However, he expressed concern that the upcoming United States presidential elections may sideline a renewed push towards accelerated liberalization.
Washington has actively pursued liberalization in several key sectors among APEC member economies, but has encountered opposition from labour groups and trade unions.
Serbini said APEC economies were "conscious" of the deadlines set by the forum in 1994 for developing members to achieve free trade and investment by 2020 and for developed ones to meet the target 10 years earlier.
He said senior officials would gauge the effectiveness of so- called individual and collective action plans of member economies to forge free trade and investment.
They would attempt to make the individual action plans "more consistent and specific," as well as "more accessible and user- friendly" to the public and private businesses, Serbini said.
Other initiatives the officials will look into are follow-up to a blueprint on promoting electronic commerce among APEC economies, a work program in economic and technical cooperation, and a framework for the integration of women and business.
Brunei as chairman of APEC in 2000 is also eager to help prepare concrete plans to strengthen markets in the region.
Other APEC priorities planned by Brunei this year are giving technical support to small and medium scale enterprises, developing a programme for human resources development and enhancing information and communication technology.
The 21 APEC economies account for 55 percent of total world income and 46 percent of global trade.