Business executives urge APEC leaders to lead WTO negotiations

Senior Asia-Pacific business executives have called on APEC member economies to play a strong leadership role in restarting foundering World Trade Organization (WTO) Doha Development Agenda trade talks.

In their 2006 report to the leaders, the APEC (Asia-Pacific Economic Cooperation) Business Advisory Council (ABAC) identified a series of priority topics of significance to business interests and economic prosperity, which will be discussed by ABAC members when they meet with the leaders in Vietnam's capital Hanoi in November, said a press release issued here by ABAC on Monday.

In addition to reactivating the WTO negotiations, the ABAC is also concerned with other business, including calming volatile energy markets and promoting high-quality and transparent trade agreements.

ABAC is also encouraging APEC governments to strengthen measures designed to facilitate trade and investment, such making the Asia Pacific region an even friendlier place to do business.

"We call on APEC leaders to take a personal interest in reviving WTO talks...We are concerned that continued delay in concluding the Doha Round negotiations, and the lack of members' commitment that this implies, could significantly increase the risks to our economies of other negative economic influences," ABAC's Vietnamese chairman Hoang Van Dung was quoted as saying in the release.

"Our regional economy faces looming challenges in the form of macroeconomic imbalances, volatile energy markets, possible health and security risks, and increasing volatility in financial markets, " he said.

The ABAC recommendations include strengthening regulatory environments and the adoption of more comprehensive standards, improving transparency and fighting corruption, strengthening financial markets, supporting small and medium enterprise growth, strengthening intellectual property protection and encouraging innovation.

Since its inception in 1989, the 21-member APEC, which gathers some of the world's large economies, including China, the United States, Russia, Japan, Singapore and Vietnam, has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, create efficient domestic economies and dramatically increase exports.

Source: Xinhua