APEC vows strong support to WTO’s global trade move

25/05/2015 02:37 AST

Trade ministers from 21 Asia-Pacific countries on Sunday issued strong support to the World Trade Organization’s efforts to boost global trade amid a flurry of regional free trade agreements.

The ministers from the Asia-Pacific Economic Cooperation grouping of nations vowed at the end of their two-day meeting on the central Philippine resort island of Boracay to ratify by December a landmark trade facilitation deal and to contribute to a work program to conclude the much-delayed Doha round of trade negotiations.

They reaffirmed in a separate document from their annual joint statement “the centrality and primacy of the multilateral trading system under the auspices of the WTO” in promoting trade and economic growth. They also promised to exercise restraint in implementing measures consistent with WTO provisions but which have a significant protectionist effect, “and to promptly rectify such measures, where they are implemented.”

At the same time, the ministers’ joint statement welcomed progress on a collective study on opportunities and challenges ahead of the Free Trade Area of the Asia-Pacific. They instructed officials to report updates on it by November and to have a final report by next year’s ministerial meeting. “We reaffirm our shared vision that regional economic integration should not create unnecessary barriers between economies and lead to fragmentation of trade and investment flows,” they added.

The ministers are also endorsing to their leaders a raft of measures bolstering micro enterprises’ ability to take part in global trade. Small companies comprise 97 percent of businesses in the Asia-Pacific Economic Cooperation, and contribute significantly to employment and poverty alleviation.

The action plan includes streamlining rules of origin requirements, promoting greater use of information technology, cutting customs red tape, assisting micro enterprises in meeting requirements and widening their options for financing.

AFP