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Canada Expects APEC to Send "Strong Signal" for World Economy
Canada expects the Asia- Pacific Economic Cooperation (APEC) economic leaders' meeting, which is to be held here on October 20-21, to send a strong and positive signal for raising people's confidence in world economy, Canadian Minister for International Trade Pierre Pettigrew said here on Wednesday.
The world economy had been slowing down before the September 11 terrorist attacks on the United States and "it is evident that the attacks will deepen the slowdown," the Canadian minister said in an interview with Chinese reporters.
"Indeed, the APEC meeting is very timely to demonstrate a sign of confidence in world economy," he said.
Pettigrew said that the APEC membership is a very diversified forum that "can send a very positive signal" that developed and developing economies are committed to an open and rule-based global trade system.
"I do hope that APEC will send a strong signal for the launch of this new round (of global trade talks)," he said.
In the past 20 years, it has been proved that the most open country experiences the fastest development, Pettigrew said.
APEC means a win for both Canada and all other APEC members and Canada is very pleased with the trade and investment liberalization that the regional forum has been promoting, he said.
Canada has already been doing a number of bilateral initiatives and believes that it has to do a lot of individual activities to promote regional trade and investment, he said.
Canadian Prime Minister Jean Chretien will announce a five-year multimedia initiative in capacity building for APEC economies, the minister said.
He observed that trade relations between China and Canada has been going very well in the last few years.
But "it is just the beginning," he said.
China's admission to the World Trade Organization is "a very important development," he said.
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