Asia-Pacific Economic Cooperation forum leaders backed the launch of a new round of World Trade Organisation (WTO) talks Sunday as they united to fight terrorism and to counter a global economic slump.
"We wish to send a clear and strong message on the collective resolve of the Asia-Pacific community to counter terrorism," said an eight-page APEC Economic Leaders' Declaration issued at the end of a weekend summit.
"We are determined to reverse the current economic downturn and maintain public confidence at a time of uncertainty by fighting protectionism and committing to the launch of the new WTO round at the upcoming WTO Ministerial Conference.
"These efforts are consonant with and contribute to the pursuit of the APEC vision of peace, harmony and common prosperity."
The leaders "reaffirmed commitment" to achieving APEC's target of free trade among developed members by 2010 and among developing ones 10 years later under the "Bogor Goals", which were agreed at a 1994 APEC summit in Indonesia.
Here are the key points of the statement subtitled "Meeting New Challenges in the New Century", focusing on four main areas:
1. Promoting sustainable growth. Leaders:
-- affirmed "unwavering confidence" in APEC's medium- and long-term growth prospects as economic fundamentals remained sound and reforms by members following the 1997 Asian financial crisis had begun to take effect;
-- undertook to adopt appropriate policies and measures to raise economic growth and resolved to enhance macroeconomic policy cooperation;
-- pledged to accelerate domestic efforts to build capacity and deepen structural reforms. They cited developing social safety nets as a high priority and urged ministers to build on work in strengthening economic and legal infrastructure, corporate governance and supervision of capital markets;
-- urged continued efforts to boost the international financial architecture to prevent another financial crisis, and stressed the need to ensure that representation of the International Monetary Fund (IMF) board and its quota/share allocation reflected the current world economy;
-- reaffirmed "unyielding commitment" to free and open trade and investment, and resolved to work together to fight protectionism in all forms.
2. Supporting the multilateral trading system. Leaders:
-- "strongly support" the launch of a new WTO round at next month's ministerial conference, recognising that the current global slowdown has added to its urgency. They agreed that once launched, the new round should be concluded quickly;
-- stressed the need for a "balanced and sufficiently broad-based agenda which is achievable" in the new round to include further trade liberalisation, stronger WTO rules and reflecting interests and concerns of developing members;
-- stressed the need for effective implementation of special and differential treatment and improved WTO transparency for the new round to be supported by all members;
-- urged the completion of China's entry to the WTO in the November conference and reiterated support for the rapid accession of Taiwan, Russia and Vietnam;
-- reaffirmed that regional and bilateral trade agreements should serve as building blocks for multilateral liberalisation in the WTO.
3. Sharing benefits of globalisation and the new economy. Leaders:
-- reiterated that human capacity-building remained a central theme this year and the years ahead and called on members to undertake follow-up activities;
-- called for more economic and technical cooperation to promote sound and balanced development in APEC;
-- placed special emphasis on micro-enterprises and instructed ministers to work out plans to integrate them;
-- instructed officials to convene an APEC dialogue on globalisation and sharing prosperity, focusing on structural adjustment and its impact.
4. Sharpening the vision for the future. Leaders:
-- envisioned that APEC's objectives in the second decade of its birth are to progress towards the Bogor Goals, sharing growth benefits more widely and equitably, and to build closer and stronger regional economic cooperation;
-- announced the Shanghai Accord (included as an appendix to the declaration) as a "strategic, forward agenda" to guide APEC in the new century, and directed ministers to follow up on it -- Shanghai, (AFP)
© 2001 Al Bawaba (www.albawaba.com)
