FOURTH APEC MINISTERIAL MEETING

BANGKOK, THAILAND

10-11 SEPTEMBER 1992

APEC STATEMENT ON THE URUGUAY ROUND

1. Ministers from Australia, Brunei Darussalam, Canada, the People's Republic of China, Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Chinese Taipei, Thailand and the United States met in Bangkok on 1011 September 1992, and issued the following statement on the Uruguay Round of Multilateral Trade Negotiations.

2. Ministers renewed APEC's unwavering commitment to achieving the strengthened international trading system that will result from the successful conclusion of the Uruguay Round of Multilateral Trade Negotiations. Ministers noted that the benefits from the Round would be in serious jeopardy If the Round continues to languish. Accordingly, they called for leadership by all the major trading countries as well as immediate and decisive action by all participants to conclude the negotiations by year end. In the meantime, participants reaffirmed commitments undertaken at Punta Del Este regarding modification during the course of the Uruguay Round of trade policies and practices which have an effect on the negotiations.

3. APEC Ministers reaffirmed their belief that a ma~or and significant outcome to the Round is necessary to underpin the growth of world trade, to forestall protectionist pressure, to instil confidence in markets and to facilitate the continuation of economic reform in the region and elsewhere.

4. APEC economies supported a rapid conclusion of the negotiations and recalled the expectation of G-7 leaders meeting in Munich that final agreement can be achieved before the end of the year. In light of the extensive work remaining, substantive progress in all areas could not be delayed.

5. APEC Ministers expressed their profound regret that despite the expressions of political will for an early and successful conclusion of the negotiations, these commitments have yet to be translated into action at the negotiating table. Ministers voiced their concern over the delays in agriculture, where agreement on multilateral agricultural reform remains a necessary element in achieving the comprehensive result that is required. Delays in market access and services negotiations are also of concern to APEC Ministers.

6. Accordingly, the APEC Ministers reaffirmed their commitment to push the negotiations forward and overcome the last remaining hurdles to bring the Uruguay Round to an early and successful conclusion. Ministers urged all participants in the Uruguay Round to return to Geneva ready to complete these far-reaching negotiations. They recognized that for all governments, this would require difficult decisions. APEC Ministers intend to devote all the resources necessary, in capitals and in Geneva, to realize the agreement before the end of the year.

7. Ministers called on GATT Director General Dunkel, as Chairman of the Trade Negotiations Committee ~INC), to continue his effective leadership over the negotiating process in all areas. In this regard, Ministers recalled the draft "Final Act" tabled in December 1991 and reaffirmed its importance as the key document in reaching a comprehensive agreement on the Uruguay Round. They agreed that a balanced, comprehensive and substantive agreement also required the successful completion of negotiations to liberalize market access in goods and services.

8. APEC Ministers reaffirmed their strong support for Mr. Dunkel's leadership over the negotiating process in Geneva and pledged to make the additional efforts needed in all areas to translate their political determination into actions to achieve an early, successful conclusion to the Round. APEC support will be visible in Geneva, by the active participation of negotiators and in APEC capitals.

9. APEC economies look forward to a rapid conclusion of the negotiations in order to implement the results of the Round as soon as possible. This shouId strengthen the initiatives underway In APEC aimed at trade liberalization within the region.