Optimism on investment code still strong among officials

Optimism on investment code still strong among officials

JAKARTA (JP): Senior officials of the Asia-Pacific Economic
Cooperation (APEC) forum remained upbeat yesterday that they can
still hammer out an agreement on investment guidelines in spite
of opposition from the United States.

The opening day of the APEC Senior Officials Meeting (SOM)
yesterday picked up the question of non-binding investment
principles, which stumbled when it was discussed by the Committee
on Trade and Investment here on Monday.

"Nothing is completed on that issue. But, we have still two
days for discussion on the possibility of its adoption," Wisber
Loeis, the Director General for Foreign Economic Relations at the
Indonesian Ministry of Foreign Affairs, said at the conclusion of
the first day of SOM.

"I cannot give my view on the possibility of the adoption,
because the issue is still under process. But I am strongly
optimistic on that," Wisber, who chaired the SOM, told reporters.

Wisber stressed that the United States should not be blamed
for the prolonged discussion. "The time-consuming discussion is
not caused by the United States. It is mainly because SOM is also
a forum in which all parties can express their policy."

The committee on trade and investment agreed on nine of the 12
points stipulated in the Non-Binding Investment Principles
document. The U.S. delegation objected to three items,
respectively on national treatment, performance requirement, and
repatriation and convertibility.

Committee Chairman Sun Joun Yung of South Korea said Nancy
Adams, who headed the U.S. delegation, "has no authority to
accept the package as a whole".

Tonny Miller, director general of Hong Kong's trade, is also
optimistic on an eventual agreement on the principles. "I'm
reasonably confident that we can reach agreement by the end of
this SOM. We are now very close to an agreement," he told The
Jakarta Post.

Krirk Kirkjlan, Thailand's director general for economic,
business and trade, said he does not think that the United States
will change its mind on the objection to the three items in CTI's
principles. "But, I hope that the issue will be adopted at the
ministerial meeting. It is because the APEC meeting is a
consensus forum," he said. "The U.S. can't go alone," he added.

Report

The investment committee yesterday reported to the SOM on five
administrative measures to be considered by APEC members.

These measures are customs formalities and charges; existing
national and international disciplines and practices or
administrative measures adversely affecting trade; sanitary and
phytosanitary regulations; technical standards and certification;
and anti-dumping policies.

The committee also reported that it has agreed to proceed with
a pilot project to distribute CD-ROMs containing current tariff
and tariff-related data, free of charge to businesses and
governments in all APEC member economies.

The pilot project will be used to determine whether there is
sufficient demand to justify regular distribution of CD ROMs
containing such data, according to the report.

The committee is also recommending that APEC ministers endorse
the proposed declaration on APEC Standards and Conformance
Framework and direct the committee to pursue a work program aimed
at developing arrangements for mutual recognition of conformity
assessment. (fhp/mds)