The 2006 APEC SOM Policy Dialogue on Regional Trade Arrangements and Free Trade Agreements (RTAs/FTAs) kicked off in Ho Chi Minh City on May 28 with the participation of business leaders and government officials from the APEC member economies.
The 2006 APEC SOM Policy Dialogue on Regional Trade Arrangements and Free Trade Agreements (RTAs/FTAs) kicked off in
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"We are witnessing the proliferation of RTAs/FTAs not only in the APEC region but worldwide," said
"High quality RTAs/FTAs are important avenues to achieve APEC's goal of free and open trade and investment," Phung said at the meeting, which included the Chairperson of the SOM Steering Committee on Economic and Trade Cooperation (SCE), Australian Deputy Foreign and Trade Secretary David Spencer, and Viet Nam Senior Official Faciliator Tran Thi Thu Hang.
According to Phung, the current situation in
FedEx Express Managing Director and APEC Business Advisory Council (ABAC) member Ralph Carter stressed that the WTO process is becoming much more difficult. Free trade agreements are therefore an important complement to the WTO and can be quite successful in stimulating trade.
"FTAs can open up new markets, expand investment opportunities, lower the cost of doing business and provide important legal protections for investors and operators," Carter told the dialogue meeting.
Participants at the dialogue discussed opportunities and challenges brought about by RTAs/FTAs, as well as possible policy options for avoiding a "spaghetti bowl" of RTAs/FTAs in the region. A dialogue among Senior APEC Officials was also held in order to discuss earlier recommendations by business representatives, and the latest RTAs/FTAs developments in the APEC region.
Business representatives strongly supported trade liberalization and the construction of a model format for RTAs/FTAs. They agreed to hold annual dialogues between Senior APEC Officials and the private sector on RTAs/FTAs.
(Source: VNA)
