APEC to send strong message on global trade talks

BUSAN, South Korea, Thursday (Xinhua)

The Asia-Pacific Rim leaders are expected to issue a statement calling for cuts in trade-impeding tariffs and complete abolition of agricultural export subsidies by developed nations by 2010, South Korea’s trade minister said Wednesday.

At a press conference held after the two-days ministerial meetings of the Asia Pacific Economic Cooperation (APEC) forum in South Korea’s southeastern port city of Busan, Kim Hyun-chong said that the level of reductions being called for is on a par with the Swiss-formula that requires real cuts on duties.

“The statement will send a strong message of support to the World Trade Organization (WTO) efforts to push forward the Doha Round,” the official said.

APEC members have yet to agree on certain details, but claimed the statement is not intended to be mere “lip service,” but is to be followed by concrete action, he added.

“We believe it is imperative to take action for concessions at the Hong Kong meeting,” he told the press conference.

The Doha Development Agenda (DDA) calls for the world economies to reach an understanding on respective timetables for phasing out barriers, and reach an understanding on the so-called coefficients, or the extent of the cuts they will make.

The WTO Doha Round trade talks, first introduced at the fourth WTO biannual ministerial conference in Doha, Qatar, in 2001, have been stalled due to deep differences between the developed and developing members on market access, agriculture subsidies and tariff structures.

The push by APEC leaders to keep the momentum going is seen as important because the region represents nearly half of the world trade.

The special statement is also expected to touch on matters such as the Bogor Goals, calling for all members to stick to the timetable of removing trade and investment barriers, free trade agreements and regional trade agreements. Other issues are on enhancing human security measures and cooperation in the event of an outbreak of avian influenza.

Earlier APEC forum’s CEO Summit kicked off in Busan, with roughly 800 business leaders attending the gathering.

The theme of the three-day event is “Entrepreneurship and Prosperity: Building a Successful Partnership in the Asia-Pacific Region.” Hyun Jae-hyun, chairman of the 2005 APEC CEO Summit, delivered an opening address at the opening session.

The APEC CEO Summit was officially recognized as a sideline event and gained its current name at the APEC summit in Auckland in 1999. It is an prestigious annual event that provides an unique opportunity for business leaders from the Asia-Pacific region to participate in highly interactive discussions on regional and global economic and trade issues with APEC Economic Leaders, economists, policy makers and fellow business leaders.