APEC provides boost to world economy, says Gita
APEC member economies are in a position to provide an added boost to the world economy and the multilateral trading system. This is vital to sustaining the gradual recovery that appears to be currently underway, said Gita Wirjawan, Indonesia’s Trade Minister when he opened the APEC Ministers Responsible for Trade Meeting on Saturday in Surabaya.
At their meeting this weekend, Ministers are discussing ways to support the multilateral trading system including attaining the Bogor Goals, achieving sustainable growth with equity and promoting connectivity. They have also gotten briefings from the World Trade Organization and the private sector.
“We gather here at a time when the global economy is believed to be improving although the road to recovery may be still bumpy,” explained Gita. “The world is increasingly looking at APEC as a new source for global economic growth.”
Gita acknowledged that increasingly economies in the Asia-Pacific view regional trade agreements as a way to reduce barriers to business and strengthen economic productivity.
The region is host to some development toward new trade configurations such as the ASEAN Economic Community, Trans Pacific Partnership, Regional Comprehensive Economic Partnership, China-Japan-Korea talks, as well as new sub-regional and bilateral initiatives.
But this trend does not undermine the value of strengthening the World Trade Organization.
Gita urged APEC to provide a big push for a successful 9th WTO Ministerial Conference in December in Bali. This is considered by some as the only window of opportunity to the Doha Round of negotiations.
“APEC has been an important forum that supports an open and rules based trading system, building upon the confidence to move together on opening up and reforms whether unilaterally, regionally or multilaterally.”
“APEC has always recognized the importance of complementing the economic integration with capacity building,” added Gita. “The world around acknowledges the role APEC has played in taking both collective and individual actions to address the economic challenges of modern times.”
Ministers will continue their meeting here in Surabaya on Sunday.
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