APEC Ministers Reaffirm Commitment to Fight Trade Protectionism
The Asia-Pacific region continues to be a “key driver for international trade and investment” despite the uncertainty of the global economy, Asia-Pacific Economic Cooperation Ministers said in a Sept. 6 joint statement following their meeting in Vladivostok, Russia. Governments said they remain “strongly committed” to supporting the World Trade Organization as essential for worldwide economic growth and development and have directed their officials to use “different, fresh and credible negotiating approaches” aimed at a successful multilateral conclusion of the Doha Round. They noted with concern the International Monetary Fund's downward projection for global economic growth for this and next year and the rise in protectionism around the world.
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“These developments increase the urgency of further action to keep markets open,” they said. They pledged not to raise new barriers to trade in goods and services, impose new export restrictions, or implement WTO-inconsistent measures in all areas, including those that spur exports. They promised to roll back trade-distorting measures introduced since the outset of the crisis, and urged the WTO to boost its monitoring of protectionism.
Ministers said they will continue to address next-generation trade and investment issues, including capacity-building and sharing of best practices on global supply chains. They welcomed work to prevent unnecessary technical trade barriers by promoting regulatory consistency and good regulatory practices in the region. Governments also reaffirmed their intent to implement the Globally Harmonized System for Classification and Labelling of Chemicals, and to promote trade and investment in environmental goods and services. They urged officials to reduce, by the end of 2015, applied tariff rates to 5% or less on all environmental goods on the list. APEC is also working toward a membership-wide 10% improvement in supply chain performance by 2015, it said. Members also want more collaboration with the private sector on customs-related issues.