APEC MINISTERS RENEW COMMITMENT TO RESIST PROTECTIONISM

From Siti Hawa Othman

YOKOHAMA, Nov 11 (Bernama) -- The 22nd Asia Pacific Economic Cooperation
(Apec) Ministerial Meeting has recommended to leaders to extend their commitment
to a standstill on new trade and investment barriers until the end of 2013.

This is to refrain from raising new barriers to investment or to trade in
goods and services, imposing new export restrictions, or implementing
WTO-inconsistent measures in all areas, including those that stimulate exports,
the ministers said in a joint statement after their two-day meeting which ended
here Thursday.

"Open markets are vital for growth and job creation, enabling strong and
sustainable growth in this region. While world economy is on its way to
recovery; however, there still remains a possibility of increasing protectionist
measures in the future," they said.

As such, Apec Trade and Foreign Ministers agreed to recommend to Leaders to
re-extend their commitment on standstill made in 2008 until the end of 2013,
they said.

Ministers also urged a successful conclusion to the WTO's Doha round of
trade negotiations and stressed support for the multilateral trading system.

"A strong multilateral trading system is an essential source of economic
growth, development, and stability. An ambitious and balanced conclusion of the
DDA (Doha Development Agenda) will provide a much-needed stimulus for the global
economy.

"The delay in concluding the DDA negotiations is therefore a source of
continuing concern," they said.

Having met two years after the global financial crisis, the ministers
acknowledged that the crisis was not yet over although the Apec region has been
leading global economic growth.

"Economies now face challenges, in particular, of addressing volatility,
creating employment and reconsolidating finance, and continuing to keep a
balance between recovery and the exit strategies of fiscal and monetary
policies," they said.

At the meeting, Ministers also endorsed a report on the assessment of
economies' progress towards the self-imposed Bogor Goals of free and open trade
and investment.

The report on the progress of 13 APEC economies will be delivered to Apec
Leaders for their consideration.

Ministers also submitted Apec's new growth strategy to Leaders.

Acknowledging that recovery from the global slowdown was still fragile and
uneven, they said the strategy would be a long-term and comprehensive plan that
aims to achieve balanced, inclusive, sustainable, innovative and secure growth
throughout the region.

"In the aftermath of the global financial crisis, the global economic
recovery remains weak. We believe it is time for us to share a growth strategy
to sustain recovery and to lay the foundation for our future prosperity.

"Apec, as the world's leading growth centre, is in a unique position to
carry out such a task," they said.

An action plan to implement the strategy is also being drafted with a
mechanism to review its progress.

Meanwhile, Ministers also endorsed an extended strategy on structural
reform, called "the Apec New Strategy for Structural Reform," acknowledging that
this strategy will contribute to balanced and inclusive growth.

At the meeting, Ministers underlined the importance of Apec's work on
strengthening regional economic integration (REI) -- including exploring
possible pathways to a Free Trade Area of the Asia-Pacific (FTAAP) -- and
affirmed that taking concrete steps towards realising an FTAAP is an important
part of the REI agenda.

Ministers also welcomed Apec initiatives in specific sectors including
enhancing regional food security and energy security, empowering women,
development of human resources, development of tourism, supporting small and
medium businesses, protecting and managing marine resources and development of
information and communication technology.

-- BERNAMA