APEC Push on Global Talks Encouraging

The Hong Kong Chief Executive, Mr Tung Chee Hwa, says he is encouraged that APEC economic leaders have reaffirmed their strong commitment to finalising the current round of global trade negotiations, known as the Doha Development Agenda (DDA). 

Speaking at the conclusion of the 11th APEC Annual Economic Leaders Meeting (AELM) in Bangkok on October 21, Mr Tung said that Hong Kong fully supported re-energising the global trade negotiations that became stalled at the WTO’s Ministerial Conference the previous month.

“As a great supporter of the multilateral trading system, Hong Kong would like to see a successful conclusion of the DDA and to advance free trade in a co-ordinated manner among multilateral, regional and bilateral frameworks,” he said. 

As well as promoting trade and investment liberalisation, the meeting attendees also discussed enhancing human security and using APEC to help people and societies benefit from globalisation. 

Mr Tung led discussions among APEC Economic Leaders on ways to boost the business environment in the Asia-Pacific region. The discussions centred on the APEC Business Advisory Council (ABAC) recommendations tabled during the first session of the AELM in Bangkok. 

The five key recommendations made by ABAC were:
• To reaffirm APEC’s commitments to the Bogor Goals (of free and open trade by 2010 for advanced APEC economies and by 2020 for developing economies) and to take a leading role in advancing the DDA under the WTO

• To deal with terrorism and threats to public health while ensuring that normal commerce is not hindered

• To ensure tangible progress is made in capacity building

• To continue to work with the private sector to facilitate good corporate governance and transparency at the international, regional and domestic levels

• to ensure APEC and its work remains accessible to business input and participation

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