Oil prices, trade talks high on APEC agenda, U.S. says
Oil prices, trade talks high on APEC agenda, U.S. says
KUALA LUMPUR (Reuters): Rising oil prices and building a
consensus on a new round of global trade talks will be high on
the agenda of Asia-Pacific leaders at their summit in Brunei next
month, a U.S. official said on Tuesday.
Members of the Asia Pacific Economic Cooperation (APEC) forum
were trying to work out measures to reduce vulnerability to
volatile crude prices, Larry Greenwood, a State Department
official responsible for APEC issues, told a news conference via
a video link from Washington.
Ways to reduce vulnerability included developing alternative
fuels and building up supplies in the region, he said.
"We are looking at a couple of things on the supply and one of
them is a program to help educate and promote stockpiling regimes
in the region," he said.
Some APEC members such as Brunei, Indonesia, Malaysia, Mexico
and Russia are big oil producers and stand to gain from the
recent surge in prices to their highest level in 10 years.
Greenwood also said Washington would continue to press for an
early launch of a new round of World Trade Organization (WTO)
negotiations.
WTO members failed to launch a new round in Seattle last
December.
Greenwood welcomed bilateral free trade arrangements among
APEC members, saying they were building-blocks for a stronger
multilateral trading system.
The November 15-16 APEC meeting will also discuss the
liberalization of telecommunication services and electronic
commerce in the region, he said.
Greenwood said Asian economies had recovered strongly after
the regional economic crisis in 1997-98 but warned against
complacency on structural reforms.
Asked whether North Korea would be admitted as a member of the
regional group, he said: "We have no position right now on
whether North Korea be a member of APEC or not".
He said there was a moratorium on admission of new members in
APEC until 2008.
"There is no immediate prospect for new members under the
decision made a number of years ago."
APEC groups Australia, Brunei, Canada, Chile, China, Hong
Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New
Zealand, Papua New Guinea, Peru, the Philippines, Russia,
Singapore, Taiwan, Thailand, the United States and Vietnam.
The group's 21 members represent 60 percent of global gross
domestic product and 45 percent of world trade.