Asia-Pacific Business Executives Seek to Jumpstart Global Trade Talks
Senior Asia-Pacific business executives, meeting in Miami, concluded unanimously that the top business concern is the successful conclusion of the Doha Development Agenda negotiations in the WTO.
Members of the APEC Business Advisory Council (ABAC) are encouraged by recent evidence of active engagement among trade ministers, and stand fully behind efforts to get the WTO negotiations back on track.
ABAC Chair, Mr. Hernan Somerville of Chile, said "These talks are simply too important to be allowed to fail." ABAC members are calling for bold steps, and have elaborated this message in a letter to Leaders.
Members noted that the growing number of Regional Trade Arrangements derives partly from a frustration with the lack of progress in the WTO, and that a positive WTO outcome would maximize the liberalizing thrust being sought through FTAs and RTAs.
ABAC business executives also discussed the APEC structure and its effectiveness and possible recommendations aimed at reform. ABAC members consider that the time might have come for Asia-Pacific economies to move towards more binding liberalization commitments. The mid-term review that APEC will undertake next year will provide an opportunity to consider such reforms.
ABAC also considers it important to develop joint positions on the WTO negotiations including tangible steps on agriculture, goods and services. Importantly, ABAC members have today resolved to support the proposal for WTO negotiations on Trade Facilitation. Transparency in government procurement is also seen as critical to improving the regional business environment. ABAC stresses the importance of good economic and business governance and calls for the inclusion of provisions on corruption in the WTO Agreement on Government Procurement.
Business leaders agreed that the global economic outlook for 2004 is more favorable than it has been for a number of years. Although there are always risks, business confidence is increasing and financial markets support expectations for strong growth in the APEC region. ABAC members are exploring measures to improve the regional financial market and to deepen domestic and regional bond markets.
Background: ABAC consists of up to three top business executives appointed directly by Leaders in each APEC Member Economy. ABAC delegates represent business concerns and advise APEC Leaders and officials in areas such as trade and investment liberalization, business facilitation and capacity building. ABAC will meet again in Taipei and Auckland and present its full recommendations to APEC Leaders in Santiago next November.