APEC vows shot in the arm for world trade

APEC vows shot in the arm for world trade

CHRISTCHURCH, New Zealand (Reuter): Asia-Pacific nations
pledged yesterday to lead from the front in a crucial forthcoming
round of world trade talks.

Trade ministers from the 18-member Asia Pacific Economic
Cooperation (APEC) forum ended a two-day meeting in New Zealand
with promises to catch up on "unfinished business" from the last
global trade accords in 1994 and extend their drive for free
trade into new areas.

The United States expressed satisfaction with the response to
its proposal to axe tariffs in information technology -- covering
everything from mainframe computers to cellphones -- by the turn
of the century.

"There is a widespread consensus among the members that this
is an area which should be looked at for possible APEC action,"
Acting U.S. Trade Representative Charlene Barshefsky said.

But a "chairman's statement" issued by New Zealand Trade
Minister Philip Burdon said only that members listened with
interest to the U.S. idea and promised to consider it further.

The four-page statement contained little new beyond promises
to contribute fully to the success of the first ministerial
meeting of the World Trade Organization (WTO) in Singapore in
December.

Disappointment

It expressed disappointment at the slow pace of global
progress in freeing up trade in services -- especially telecoms,
financial services and shipping -- and reaffirmed members'
intention to wrap up negotiations successfully.

Members agreed that trade and environmental policies must be
"mutually supportive of sustainable development" and momentum on
these issues must be sustained through the WTO.

And they addressed concerns raised at the meeting by WTO
Director-General Renato Ruggiero by pledging to avoid
fragmentation of the global trade system through friction between
rival blocs.

There was no apparent movement on the bid by APEC member China
to join the WTO.

"We believe China's WTO accession is not only in the interests
of China but also in the interests of world trade growth and
economic growth," Chinese Trade Minister Wu Yi told the final
joint news conference.

She said China was willing to implement the 1994 Uruguay Round
trade accords as a developing country.

But Barshefsky said China, which with Russia, Taiwan, Vietnam
and Saudi Arabia is among 30 countries queuing to join the global
trade body, would have to provide more commitments on opening up
its vast market.

"China will have to come forward and put serious market access
commitments on the table," Barshefsky told reporters.

She said the U.S. plan on cutting information technology
tariffs was widely discussed and applauded, and the next question
was to make sure it embraced the broadest possible range of
products,

Such a move would ensure APEC remained "on the cutting edge of
trade liberalization", Barshefsky said.

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

Photo -- Page 12