MALAYSIA TO DISCUSS WAYS TO TACKLE GLOBAL FINANCIAL CRISIS AT APEC MEETING

KUALA LUMPUR, Nov 14 (Bernama) -- Malaysia will share experiences and
discuss possible collective and cooperative actions during the 20th Asia-Pacific
Economic Cooperation (APEC) Ministerial Meeting with member countries focusing
on ways to tackle the current global financial crisis.

The current global economic turmoil is likely dominate the meeting as APEC
ministers discuss possible actions at regional and multilateral levels to
mitigate the impact as well as their contribution to the growth of the global
economy.

International Trade and Industry Minister Muhyiddin Yassin will lead the
Malaysian delegation to the meeting on Nov 19 and 20 in Lima, Peru.

The Ministry of International Trade and Industry (MITI) said in a statement
today said besides the financial crisis, the meeting will also push for support
for the World Trade Organisation (WTO) Doha Round negotiations, APEC Regional
Economic Integration Agenda and corporate social responsibility.

Under the theme "A New Commitment to Asia-Pacific Development", the meeting
wil also discuss human security issues and APEC institutional reforms, it
said.

"The meeting will also provide the opportunity for Malaysia to impress upon
economies to keep their markets open to sustain the global impact and export
trade and facilitate investment flows," the ministry said.

On WTO, Malaysia hoped for the meeting to focus on the need to expedite
negotiations to conclude the Doha Round as an early conclusion will provide
added impetus to the growth of the global economy and expansion of trade between
members, MITI said.

On the APEC Regional Economic Integration, it said the meeting will discuss
progress made in trade and investment liberalisation and facilitation, including
progress on the Second Trade Facilitation Action Plan in reducing transaction
cost by five percent by 2010 and the Investment Facilitation Action
Plan.

Member states will also consider progress under economic and technical
cooperation programmes towards enhancing capacity among member economies, the
ministry said.

Matters pertaining to human security, including counter-terrorism, secure
trade, emergency preparedness, and health and food safety, will not be left out
from the discussion, it added.

According to MITI, Malaysia will also reiterate the need for APEC not to
lose its focus of achieving trade and investment liberalisation within the Asia
Pacific by 2010 for developed economies and 2020 for developing
economies.

Currently, Malaysia's trade with APEC member economies is significant, the
ministry said.

Last year, Malaysia's total trade with APEC amounted to RM851.1 billion
accounting for 76.7 percent of Malaysia's total trade.

During the January to September 2008 period, Malaysia-APEC trade amounted
to RM694.5 billion or 75.9 percent of total trade.

In addition, APEC is also a major source of foreign direct investment (FDI)
to Malaysia with approved FDI from APEC member economies amounting to RM17.5
billion, representing 52.4 percent of the total investments approved, MITI said.

From January to September 2008, approved investments in projects totalled
at RM25.8 billion, the ministry said. (US$1=RM3.59)
-- BERNAMA