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China Liberalization Dominates APEC Trade Meeting
Pacific Rim officials started four days of trade talks on Wednesday, dominated by the benefits expected from China's imminent accession to the World Trade Organization (WTO).
"APEC members stand to benefit more because of closer ties historically with China than other countries do," a senior official from the Asia Pacific Economic Cooperation (APEC) forum said Wednesday.
Senior officials from the 21 APEC member economies gathered in the sultanate of Brunei for a round of trade liberalization talks ahead of a summit meeting in November.
China's entry into the WTO was not on the formal agenda in Brunei.
"The meeting will focus on how APEC can contribute to the WTO agenda," the senior APEC trade official said.
The officials from APEC, which accounts for nearly 40 percent of global trade and some $16 trillion of economic output, will explore ways to bring down trade barriers and strengthen markets.
"There is a lot of forward movement in the area of strengthening of markets, and we hope to have detailed discussions when we talk on competition policy and deregulation," said a trade official from a Southeast Asian nation.
APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, the United States and Vietnam.
CHINA CHANGES LANDSCAPE
Last week the European Union signed a trade pact with China, leaving only a handful of nations standing in the way of China's 14-year quest to join the global trading group.
China has pledged to open its markets and is expected to adopt deeper economic reforms once in the WTO.
APEC officials welcomed the US House of Representatives approval of a bitterly contested China trade bill, which would grant Beijing permanent normal trade relations and pave the way for its entry into the WTO.
"Two things will change the landscape for APEC," the senior APEC trade official said. "First, it will have an impact on the WTO and also impact China as it implements its WTO obligations."
China, which will host next year's APEC summit, will be cast in a leadership role at the same time as its prepares to enter the WTO, he said.
Senior officials in Brunei will discuss Japan's proposal, put forward in February, that APEC should play a greater role in the WTO and other multilateral institutions.
"It is a very important group accounting for about 42 percent of world trade and historically played a leadership role in the world economy and contributed to open markets as its economies are based on foreign trade and exports," the senior APEC trade official said.
He hoped that APEC would play a role in launching a new round of WTO talks after efforts bogged down in Seattle last December.
The APEC senior officials' meeting ends on Saturday.
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