APEC Summit Shifts Focus from East Timor to Asian Economic Recovery

The Asia-Pacific Economic Cooperation summit, transformed into a high-level forum on the East Timor atrocities, has regained its focus on economic issues, specifically the Asian financial crisis that dominated the agenda last year. Despite protests by demonstrators outside the venue in Auckland, New Zealand, the APEC leaders are relieved that the crisis is easing, but emphasize the need for continued efforts to liberalize global commerce. The leaders are targeting trade liberalization in eight business sectors and have called for an end to agricultural export subsidies.

Key Takeaways:

• The Asian financial crisis that dominated the APEC agenda last year is easing, but there is no room for complacency.
• APEC members are relieved that the crisis is easing, but plans to seek new ways to liberalize global commerce through the World Trade Organization.
• APEC trade ministers hope to reduce or eliminate tariffs in eight business sectors.
• The United States and China have restarted formal talks about admitting China into the World Trade Organization (WTO).
• U.S. Trade Representative Charlene Barshefsky and Chinese trade minister Shi Guangsheng declined comment after their meeting.
• The Geneva-based WTO sets rules for trade among its 134 members and China has long sought membership.

Statistics:

• The Asian financial crisis has dominated the APEC agenda for the past year.
• The crisis has eased, but there is still a need for continued efforts to liberalize global commerce.
• The APEC leaders are targeting trade liberalization in eight business sectors.
• The Geneva-based WTO has 134 members, including 21 APEC member countries.
• China has long sought membership in the WTO.

Sources:

• Associated Press, "APEC Summit Shifts Focus from East Timor to Asian Economic Recovery," [no date specified]