Ministers of 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 of America, meeting in Seattle from November 17-18, 1993, (collectively the "Members"):
- Determined to work through APEC toward the further development of open regionalism and market-driven economic interdependence in the Asia Pacific region;
- Challenged by their desire to capitalize upon the strong and dynamic growth in regional trade and investment through increased cooperation and facilitation;
- Recognizing that GATT principles are the cornerstone of the multilateral, international trading system and the basis for economic cooperation in APEC, and remaining committed to those principles;
- Mutually determined to develop APEC's global role as a forum operating through consultation and by consensus, distinguished by open regionalism and committed to the strengthening of the multilateral trading system embodied by GATT;
- Demonstrating to the global trade and investment community APEC's vision of dynamic interdependence and APEC's ability to represent the mutual interests of the Asia Pacific region with an active, common voice on trade and investment issues of global importance;
- Recognizing the differences in the stages of development and in the socio-political systems, and giving due consideration to the needs of developing economies;
- Recognizing the linkage between trade and investment and the flow of technology;
- Committed to open dialogue and consensus-building with respect to the views of all participants;
- Determined to pursue the objectives of the Seoul APEC Declaration November 14, 1991, confirmed at Bangkok on September 11, 1992 to:
- sustain the growth and development of the region for the common good of its peoples and, in this way, to contribute to the growth and development of the world economy;
- enhance the positive gains, both for the region and the world economy, resulting from increasing economic interdependence, including by encouraging the flow of goods, services, capital and technology;
- develop and strengthen the open multilateral trading system; and
- reduce barriers to trade in goods and services and investment among participants in a manner consistent with GATT principles and without detriment to other economies;
- Acknowledging the essential role played by the APEC business sector in furthering growth creating jobs, expanding trade and Investment, improving technology and enhancing economic development and cognizant that protectionism, certain investment measures as well as other discriminatory and restrictive practices that distort trade would deprive APEC economies of such benefits:
- Desiring to consult on and seek solutions to trade and investment problems in the region as amicably and expeditiously as possible without prejudice to the rights and interests of members under tile GATT and consistent with GATT principles;
- Convinced that it would be in the interest of APEC economies to establish an APEC mechanism to stimulate the liberalization of trade and investment and advance a trade agenda in support of these objectives within the region.
To this end, Ministers jointly resolve as follows:
PARAGRAPH ONE Establishment of the APEC Committee on Trade and investment
Under the authority of APEC Ministers, the APEC Committee on Trade and Investment (the "Committee") is established. The Committee will report to Ministers through Senior Officials (the SOM).
PARAGRAPH TWO Objectives
The objectives of the Committee are to:
- Create a coherent APEC perspective and voice on global trade and investment issues and increase cooperation among Members on key issues.
- Pursue opportunities to liberalize and expand trade, facilitate a more open environment for investment and develop initiatives to improve the flow of goods, services, capital and technology within the region; consult on issues of importance in that context and develop consensus to expand and strengthen these flows within the region and globally, and to reduce and remove distortions which impede these flows in a manner consistent with applicable GATT principles.
PARAGRAPH THREE Scope of Activity
- Ministers will review progress on trade and investment issues and determine the Committee's work program at their annual meeting.
- The World Program will address a range of such issues encompassing:
- policy issues related to the evolving interrelationship of the APEC economies within the global economic environment;
- impediments and distortions which affect the movement of goods, services, investment and technology in the APEC region;
- reduction of transaction costs which affect the flow of trade and investment in the region;
- trade and investment policy issues evolving from the work of individual APEC Working Groups and activities
- ways to enhance the contribution of the APEC business sector in evolution of trade policies, identification of barriers to trade within the region and possible solutions of mutual benefit to the region.
- At this Ministerial meeting in Seattle, Ministers enjoined the Committee to undertake the initial work program for 1994.
PARAGRAPH FOUR Structure of the Committee
- The Committee shall be composed of Members' policy-level officials responsible for trade and economic affairs.
- The Committee shall select a Chair and Vice Chair to serve a term to be decided by the Committee.
- The Committee will meet at such times as agreed jointly by representatives.
- The Committee may establish either temporary or permanent sub-committees, with clearly defined terms of reference and duration, that may meet concurrently or separately in order to facilitate its work.