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.