APEC Business Leaders Call for Immediate Action to Reinvigorate Stalled WTO Trade Talks

Deep concern about the state of the WTO Doha Development Agenda (DDA) negotiations was expressed by senior Asia-Pacific business representatives in a letter they have sent to APEC Leaders.

Members of the APEC Business Advisory Council (ABAC), meeting in Taipei, identified successful conclusion of the WTO talks as their top priority.

ABAC Chair, Hernán Somerville, said that business was concerned that it had seen no clear signals from governments that negotiations in the WTO would be resumed in the near-term.

"This lack of progress prejudices prospects for sustained economic growth and development throughout the APEC region." Mr Somerville said.

"Representing some of the most dynamic economies in the world, APEC Trade Ministers must bring a greater sense of urgency to reinvigorating the stalled talks."

Mr Somervillle also highlighted the need to enhance coherence and consistency between global, regional and bilateral trade policy.

"The need to refocus attention on resolving underlying questions currently arising regarding the direction of trade policy in the region is paramount.

"ABAC proposes that the design and features of preferential trading arrangements be incorporated into the agenda of APEC's mid-term review, to be conducted in 2005."

Mr. Somerville also outlined a range of comprehensive recommendations that ABAC will deliver to APEC Trade Ministers in early June in Chile.

Additionally, ABAC members discussed possible alternative approaches to the challenges of trade and investment liberalization in the region, including steps to bring new discipline and more binding commitment to the achievement of the Bogor Goals, and examining the desirability and impact of a free trade agreement of the Asia-Pacific.