Trade Ministers to Deliver Specific Proposals to Reignite WTO Negotiations
APEC Ministers Responsible for Trade will continue to build momentum for a successful conclusion to the current round of World Trade Organization (WTO) negotiations at their meeting in Viet Nam today and tomorrow.
In the meeting that is also attended by the Director General of the WTO, Pascal Lamy, ministers are considering the text of a ministerial statement containing a series of specific proposals for consideration by WTO Members.
The two day ministerial meeting began with one day of informal meetings that will be followed by the formal plenary session and the release of the ministerial statement on June 2.
Other issues on the agenda include plans for the implementation of the Busan Roadmap to achieve APEC's free trade and investment goals and plans for a significant reduction in the transaction costs related to conducting business in the APEC Region. Ministers will also continue with work on the development of high quality regional trade arrangements and free trade agreements and review latest developments in the APEC Anti-Counterfeiting and Piracy Initiative.
Chair of the Ministerial Meeting, Viet Nam's Trade Minister Truong Dinh Tuyen, said the work of APEC Member Economy representatives based in Geneva will be taken into consideration for a statement that should be specific in its recommendations to progress WTO negotiations.
"APEC Trade Ministers will deliver a strong and credible message to advance WTO negotiations that goes beyond a political statement and includes specific proposals," Minister Truong said.
"APEC has a crucial role to play in salvaging WTO negotiations. APEC's membership represents a wide spectrum of WTO Members from developing to developed areas and from a range of different cultures. Our economies also account for around half of global trade volume.
"APEC Member Economies based in Geneva have been working for several months on building consensus to advance WTO negotiations for a successful conclusion by the end of 2006."
APEC Trade Ministers are also reviewing progress on 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 per cent since 2001 was estimated to stimulate an additional US$280 billion in annual trade," Minister Truong said.
"The success of the Trade Facilitation Action Plan has benefited business operators and the communities they serve around the Asia-Pacific. A further targeted reduction in transaction costs will provide additional direct benefits for regional commerce.
"Ministers will consider a proposed framework for delivering the further five percent reduction in transaction costs."
Also on the agenda, Ministers is a review of progress in implementing the APEC Anti-Counterfeiting and Piracy Initiative, including the development of guidelines on intellectual property rights public awareness. Ministers will also consider progress on APEC's work on anti-corruption and transparency, secure trade and economic impact of avian influenza pandemic.