APEC's business network welcomes PBF report

JAKARTA (JP): The Asia Pacific Business Network (APB-Net) yesterday hailed a recent report calling for members of the Asia Pacific Economic Cooperation (APEC) forum to aim for trade and investment liberalization by the year 2010.

The coordinator of the APB-Net liaison center, Husein Aminuddin, in a statement yesterday welcomed a report by the Pacific Business Forum (PBF), an APEC business advisory group, because it addressed major business issues in APEC.

The APB-Net was formally established during their inaugural meeting here in August with the aim of facilitating business activities among APEC members.

"APB-Net had earlier called for the development of free trade among APEC economies as soon as possible," Husein said.

The PBF report which was recently handed to President Soeharto as the APEC chairman calls for a timetable for trade liberalization where developed countries would complete the process by 2002 and developing ones no later than 2010.

Last month the Eminent Persons Group (EPG), a task force consisting of expert APEC members, recommended a more cautious timetable of 2020 for the trade liberalization.

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

In his statement Husein expressed support for the PBF proposal to suspend new trade and investment barriers and the immediate adoption of a non-binding investment code.

He also lends support to the PBF's recommendation for the creation of an APEC business advisory forum to complement existing business organizations.

"This is another positive step to encourage business involvement in APEC," he said.(mds)