APEC Ministers call for urgent action to complete successfully the Uruguay Round by December 15 because of its vital contribution to global growth and prosperity. APEC members believe that a strengthened multilateral trading system will serve as the foundation for trade expansion initiatives within APEC.
The time for pledges and commitments is long past. Concrete steps are required to assure a substantial result in market access in industrial and agricultural goods, and in services, and a strengthened system of rules and disciplines resulting from a completed draft "Final Act." APEC members are ready to do their part to meet this challenge in the remaining few days. The nature of our contributions should reflect specific economic interests and our varied levels of development.
As the most economically powerful and dynamic region in the world representing nearly 40% of the world's population and 40% of world trade, we collectively are determined to assure that the Round succeeds by helping to forge the necessary consensus in Geneva. Accordingly,
  1. We challenge Uruguay Round participants to improve their market access offers in Geneva. Subject to comparable commitments from our trading partners, and in the context of a global and balanced result in all areas, members engaged in the negotiations are prepared to participate to the maximum extent possible by:
    1. offering to eliminate, reduce or harmonize tariffs and non-tariff barriers in sectors previously agreed by the Quad;
    2. offering to eliminate, reduce, or harmonize tariff and non-tariff barriers in additional sectors of particular importance to APEC economies; and
    3. accelerating the work in our respective bilateral negotiations to expand and secure market access opportunities in goods and services of particular interest to APEC economies.
  2. We confirm that agriculture remains an essential element of a global and balanced result. The Blair House Agreement already dilutes the draft "Final Act" agriculture text and any further efforts to weaken that outcome would jeopardize the ability to secure an overall acceptable result on agriculture. A successful result will also require the strongest possible package of agricultural trade liberalization, including for processed products.
  3. We agree to review and improve our respective services offers in key sectors to the maximum extent possible, keeping MFN derogations to a minimum in order to begin the process of progressive liberalization that will accompany the strong framework of rules already negotiated.
  4. We agree that the draft "Final Act" must provide the basis for the final agreement with any agreed changes kept to a minimum. This should result in a strengthening of the multilateral framework of rules and disciplines and an effective mechanism for resolving disputes.