APEC trade ministers bring impetus to WTO negotiations

Trade ministers from the 21 APEC member economies began their 12th meeting in HCM City on June 1. In his opening address, Trade Minister Truong Dinh Tuyen said during the two-day meeting, APEC ministers will deliver a strong and credible message to promote WTO negotiations, that goes beyond a political statement and includes specific proposals.

Mr Tuyen, who also chaired the meeting, said the work of representatives of APEC member economies based in Geneva will be taken into consideration for a statement that should be specific in its recommendations to promote WTO negotiations.

“Representatives of APEC member economies based in Geneva have been working for several months to reach consensus on bringing WTO negotiations to a successful conclusion by the end of 2006,” said Mr Tuyen. 

He noted that APEC has a crucial role to play in salvaging WTO negotiations. APEC membership represents a wide spectrum of WTO members from developing to developed areas and from a range of different cultures. APEC member economies account for around half of the global trade volume.

The ministers will consider the text of a ministerial statement containing a series of specific proposals for consideration by WTO members. They will also discuss the implementation of the Busan Roadmap to achieve APEC’s free trade and investment goals and plans for a significant reduction in business transaction costs for APEC member economies. They will continue to work on the development of high- quality regional trade agreements and free trade agreements and review the latest developments in the APEC Anti-Counterfeiting and Piracy Initiative. 

APEC Trade Ministers will also review the success of the APEC Trade Facilitation Action Plan, which sought to reduce transaction costs by five percent over the past five years, and then consider plans for another five percent reduction by 2010.

“The reduction of business transaction costs by five percent since 2001 is expected to have stimulated an additional US$280 billion in annual trade,” said Mr Tuyen. “The success of the Trade Facilitation Action Plan has benefited business operators and the communities they serve in the Asia-Pacific region. A further targeted reduction in business transaction costs will provide additional direct benefits for regional commerce. The ministers will consider a proposed framework for delivering a further five percent reduction in business transaction costs.”

During the meeting, the ministers will review the progress in implementing the APEC Anti-Counterfeiting and Piracy Initiative, including the development of guidelines to raise public awareness of intellectual property rights. They will also consider the progress in APEC’s anti-corruption and transparency work, secure trade and the economic impact of the avian influenza pandemic.

Speaking at the meeting, Deputy Prime Minister of Thailand Somkhit Chatusiphithak said Thailand is interested in boosting trade and tourism co-operation with Vietnam. He said both countries are the world’s two largest rice exporters and hoped that a meeting between the two countries’ senior officials will be held this month to share information and experience in rice production and trademark promotion. 

WTO Director General Pascal Lamy, who arrived in HCM City on May 31, also attended the meeting.

The ministers are expected to release a ministerial statement at the closing session on June 2.

(Source: VOV)