(MENAFN- Qatar News Agency) Economic trade ministers of member states of the Asia Pacific Economic Cooperation (APEC) have concluded their annual meeting in Indonesia's Java, pledging to support multilateral trading system and eliminate protectionism and trade distorting measures.
Talks have focused on efforts to achieve regional economic integration, the development of infrastructure, cooperation in investment, streamlining regulations, and growth. Gita Wirjawan, Indonesian Trade Minister and chair of the meeting, told a joint briefing that all the representatives agreed that trade liberalism is the main tool toward a free and open trading system, and there is no divergence among APEC members to support multilateral trading system under the World Trade Organization (WTO). The ministers also voiced commitment to attain the Bogor Goals, achieve sustainable growth with equity and promote connectivity, according to Gita.
APEC Trade Ministers concluded their meeting by issuing a statement that outlines collective solutions for addressing challenges that could impact the Asia-Pacific's economic landscape. They also issued a separate Standalone Statement: strengthening the Multilateral trading system through Bali MC9, the ninth session of its Ministerial Conference (MC9) of WTO. The two-day meeting was attended by delegates from 19 out of APEC's 21 member economies, representatives from ASEAN, WTO, the Pacific Economic Cooperation Council (PECC) and APEC Secretariat.
It is one of the many preliminary preparation meetings before the APEC Summit to be held in Indonesia's resort island Bali in early October. APEC, the largest regional bloc on earth established in 1989, accounts for around 50 percent of the world's total GDP and 40 percent of its population and trade. Indonesia is the rotating chair of APEC in 2013 and it has put forward the theme "Resilient Asia Pacific, Engine of Global growth.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.