APEC TRADE MINISTERS MEET TO TACKLE ECONOMIC WOES

By Zakaria Abdul Wahab

SINGAPORE, July 21 (Bernama) -- Economic and trade ministers of the
21-member Asia-Pacific Economic Cooperation (Apec) kicked off their two-day
meeting here to discuss a wide range of economic issues including how Apec
economies respond to the economic crisis and prepare for recovery in the longer
term.

The Apec Ministers Responsible for Trade (MRT) meeting chaired by
Singapore's Trade and Industry Minister Lim Hng Kiang began the day by going
into a day-long retreat session at Shangri-La Hotel.

The Malaysian delegation is lead by International Trade and Industry
Minister Mustapa Mohamed.

The key focus of the meeting was how Apec economies could make growth more
inclusive to spread its benefits more broadly across society, the Apec
secretariat said.

Resisting protectionism and supporting the multilateral trading system would
also be top of the meeting agenda, it added.

World Trade Organisation (WTO) director-general Pascal Lamy would join the
meeting and brief the ministers on the latest trade developments in the world
and the Asia-Pacific region.

Promoting economic integration in the region has been the mainstay of Apec's
work.

The ministers are also expected to review the progress made and discuss how
to take it forward, including identifying ways to strengthen cooperation between
Apec and WTO.

Apec is a significant trading partner and foreign direct investment (FDI)
source to Malaysia. It accounts for 76 percent of Malaysia's external trade and
60 percent of FDI.

Malaysia will try to impress upon economies to keep their markets open to
sustain trade and investment flows and to refrain from taking any measure deemed
as protectionist in nature.

Malaysia will also take the opportunity to reiterate the need for Apec not
to lose sight of its economic focus of achieving trade and investment
liberalisation in the region through voluntary, non-binding and open regionalism
principles.
-- BERNAMA