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APEC ministers hold pre-summit meeting

November 11, 2009 - SINGAPORE

The main task of the ministers of member countries of the Asia-Pacific Economic Cooperation meeting in Singapore is finalizing the agenda for the APEC summit three days later. The principles of the so-called Lima Declaration made by the APEC leaders at the 2008 summit are likely to be restated in the agenda and measured against members' actions to address the financial woes caused by the global and regional economic meltdown. Protectionism is likely to be a strongly-worded theme.

The main task of the ministers of member countries of the Asia-Pacific Economic Cooperation meeting in Singapore is finalizing the agenda for the APEC summit three days later. The principles of the so-called Lima Declaration made by the APEC leaders at the 2008 summit are likely to be restated in the agenda and measured against members' actions during the year to address the financial woes caused by the global and regional economic meltdown. Protectionism is likely to be a strongly-worded theme. APEC senior officials meeting in February "noted with concern the rise in protectionist pressures globally" because of the crisis, and "reaffirmed their commitment to resist these pressures and avoid protectionist measures in their domestic policy responses to the economic crisis." The senior officials looked at accelerating the ongoing multi-year workplan to accelerate trade and investment liberalisation. The focused on making the rules of origin of existing free trade agreements more business-friendly; and identifying possible vehicles for a future Free Trade Area of the Asia-Pacific (FTAAP); and deepening analysis of an FTAAP. APEC notes that its 21-member organization spans four continents and represents some 40 per cent of the world's population, half of world trade and more than half of world GDP. May/09

APEC leaders make free trade vow (BBC 23 Nov 2008)

APEC

Date written/update: 2009-11-11