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APEC Adopts Strategic Plan to Carry out WTO Agreements
The Asia-Pacific Economic Cooperation (APEC) Monday adopted a strategic plan to help developing economies carry out existing agreements in the World Trade Organization (WTO), said a joint statement issued at the end of the two-day APEC ministerial meeting held in Bandar Seri Begawan.
The ministers reiterated their commitment to building the capacity of developing economies to implement WTO agreements and to more fully participate in the multilateral trading system.
Welcoming the fact that the strategic plan was designed to offer specific programs to respond to individual needs, the minister endorsed the strategic APEC plan as a basis for concerted action to enhance capacity for full participation in the WTO, the statement said.
All APEC members should prioritize the plan in their developmental programs, the ministers said, adding priority should also be given to using APEC's Trade and Investment Facilitation and Liberalization Fund to finance possible programs.
The ministers decided that members would pursue collaboration with relevant international organizations such as the World Bank and the Asian Development Bank in implementing this plan.
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