Busan is good

Free trade to top APEC summit agenda

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Free trade is expected to top the agenda for the leaders of the 18 member nations participating in the upcoming Asia-Pacific Economic Cooperation (APEC) forum, when they meet for a summit in Busan next month, Foreign Affairs and Trade Ministry said on Wednesday (Oct. 12).

In the Nov. 18-19 meeting, the leaders will tackle ways of promoting free trade agreements (FTAs) and narrowing the gap between haves and have-nots, ministry officials said. Also likely to be included in their subjects for discussion are corruption, terrorism and high oil prices that are putting a stranglehold on the global economy.

The leaders will discuss ways of promoting the so-called Bogor Goals. In 1994, the regional summit adopted the Bogor Goals that call on developed economies of the APEC to fully liberalize trade and investment by 2010, while developing economies will do so by 2020.

Ministry officials said that the bird flu epidemic, which has killed scores of people in 11 countries across the world, will likely be given special attention so as to iron out collective measures to block its further spread. APEC members account for 56 percent of the world's gross domestic product, 46 percent of global trade and are home to 2.8 billion people.

The upcoming APEC summit serves as an occasion to try and reach consensus ahead of the World Trade Organization (WTO)'s Doha Development Agenda (DDA) meeting scheduled for Hong Kong this December.

The success of the DDA meeting is crucial as it is regarded as a prerequisite to the formation of a global trade framework. WTO director-general Supachai Panitchpakdi sounded a warning that no DDA success could lead to a major disruption in the world trade during the APEC energy ministers' meeting on Jeju Island last June.

 

The source of news : news.go.kr 2005.10.13