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APEC trade chiefs vow to speed up work in WTO
Trade ministers from 21 Asia-Pacific countries on Sunday issued strong support to the World Trade Organization's efforts to boost global trade amid a flurry of regional free trade agreements
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Trade ministers from 21 Asia-Pacific countries on Sunday issued strong support to the World Trade Organization's efforts to boost global trade amid a flurry of regional free trade agreements.
The ministers from the Asia-Pacific Economic Cooperation grouping of nations vowed at the end of their two-day meeting on the central Philippine resort island of Boracay to ratify by December a landmark trade facilitation deal and to contribute to a work program to conclude the much-delayed Doha round of trade negotiations.
They reaffirmed in a separate document from their annual joint statement "the centrality and primacy of the multilateral trading system under the auspices of the WTO" in promoting trade and economic growth.
They also promised to exercise restraint in implementing measures consistent with WTO provisions but which have a significant protectionist effect, "and to promptly rectify such measures, where they are implemented."
At the same time, the ministers' joint statement welcomed progress on a collective study on opportunities and challenges ahead of the Free Trade Area of the Asia-Pacific. They instructed officials to report updates on it by November and to have a final report by next year's ministerial meeting.
APEC leaders agreed in Beijing in November to accelerate efforts to create the FTAAP "as early as possible" and endorsed a road map to its creation.
The FTAAP goal is being pursued as talks for the Trans-Pacific Partnership free trade initiative of 12 countries ' including the United States, Japan and Australia, but excluding China ' have been delayed by legislative debate in the U.S. over President Barack Obama's controversial "fast-track" trade bill to complete the TPP deal.
The bill was finally passed the by U.S. Senate on Friday, but it is expected to face a tougher time in the House, which resumes sessions on June 1.
US Trade Representative Michael Froman told a news conference in Boracay that ministers from TPP member countries took the opportunity to meet over breakfast Sunday to review the status of the negotiations and talk about the work program going forward.
"Our negotiators are working as we speak and working through issues," he said. "We hope to conclude it soon; we're very much in the end game."
But he declined to specify a timetable. A ministerial meeting originally scheduled for this week has been delayed after other members preferred to wait until after the US House of Representatives also gives Obama authority to complete trade deals that Congress could approve or reject, but not change.
"We reaffirm our shared vision that regional economic integration should not create unnecessary barriers between economies and lead to fragmentation of trade and investment flows," APEC ministers said in their statement.
They are also endorsing to their leaders a raft of measures bolstering micro enterprises' ability to take part in global trade. Small companies comprise 97 percent of businesses in APEC countries, and contribute significantly to employment and poverty alleviation.
The action plan includes streamlining rules of origin requirements, promoting greater use of information technology, cutting customs red tape, assisting micro enterprises in meeting requirements and widening their options for financing. (*****)
