APEC Business Leaders Alarmed at Potential Failure of WTO Ministerial Meeting in Hong Kong, China
Senior Asia-Pacific business representatives today urged APEC Economic Leaders to act decisively to achieve a breakthrough in stalled WTO negotiations to avoid a world trade debacle in Hong Kong later this year.
Business executives of the APEC Business Advisory Council (ABAC), selected by Leaders of APEC Member Economies to provide advice directly to heads of government, asked Leaders to make a bold, concerted and timely move to ensure a successful outcome at December's 6th WTO Ministerial Meeting.
Chair of the ABAC, Mr. Jae-Hyun Hyun, from Korea, said Asia-Pacific businesses were deeply concerned about the potential failure of the Doha Development Agenda WTO talks.
"The risk of failure in Hong Kong is high, and we want APEC Economic Leaders to show global leadership in order to achieve a real, tangible outcome from these talks and provide the economies of the world, rich and poor alike with the substantial benefits that this would bring," Mr. Hyun said at the conclusion of the ABAC Meeting.
ABAC recently demonstrated its unwavering commitment to the world trade cause by sending a delegation to Geneva to ask negotiators and world leaders to move beyond traditional differences and come to the table willing to make compromises for the good of the world economy.
Mr. Hyun said ABAC members are taking practical steps to enable a successful Doha round, including linking with sister business organizations in Europe and other parts of the world to generate a common global business position on the issue.
"Business representatives in ABAC will work with colleagues in Europe and the developing world to provide governments with the backing they need to complete negotiations. We will also make direct and specific offers to our governments to provide assistance to overcome blockages. We hope this will set an example for businesses around the globe, to encourage and support their governments on this issue."
WTO issues will be foremost in discussions between ABAC and APEC Economic Leaders in Busan, Korea this November, when ABAC holds its annual face-to-face meeting with APEC leaders.