APEC economies vow support for free trade22/05/2019
Twenty one member economies of the Asia – Pacific Economic Cooperation (APEC) forum have voiced their support for free trade in the context that global economy is being affected by the US-China trade war.
The APEC ministers responsible for trade, who met in Viña del Mar, Chile on May 17 and 18, affirmed in their joint statement the importance of transparency and non-discrimination rules agreed upon in the World Trade Organisation (WTO), which can enhance market predictability, enable business confidence and allow trade to flow.
They said that APEC members should reach consensus on measures to improve the efficiency of operation as well as promote the open and constructive engagement of business community so that the firms can continue support for the multilateral trade system.
The trade representatives also agreed priority on digital society, sustainable growth, and enhancing the participation of women to realise the inclusive growth target.
Furthermore, they committed to attaining the Bogor Goals of achieving free and open trade and investment in the Asia-Pacific through collective and individual efforts. They welcomed the progress that has been made and recognised that more work remains to be done.
APEC gathers 21 member economies that make up 40 percent of the global population, 60 percent of the global gross domestic product and 50 percent of the world’s total trade revenue.