A MONTHLY SUPPLEMENT OF RAKAN SARAWAK BULLETIN (People, events, activities and programmes which make for a total quality-managed Sarawak Civil Service) ISSN 1394-5726

Online Publisher:          Contents provided by:	APEC TRADE MINISTERS MEET IN KUCHING     APEC Ministers Responsible for Trade met in Kuching on 22 - 23 June 1998 to review progress on the implementation of instructions given by Leaders in Vancouver and the ongoing AOEC work programme on trade and investment liberalisation and facilitation. APEC (Asia - Pasific Economic Cooperation) is a governmental organisation formed in 1989 in response to the growing interdependence among Asia - Pasific economise. It started as an informal dialogue group with limited participation. Since then, APEC has become a regional vehicle for promoting open trade and pratical economic co-operation. APEC's membership includes all the major economies of the region and the most dynamic, fastest growing economies in the world. Its 18 current member economies had a combined Gross National Product of US$13.2 trillion in 1995, 56 percent of the world's annual output. Together, APEC members represent about 46 percent of the world's total merchandise. The Meeting of APEC Ministers Responsible for Trade is being held during a period of financial and economic turmoil in teh East Asian constituents of the APEC region. It was noted that the turmiol has had its impact on a broad spectrum of economic sectors, curtailing the capasity to generate economic growth. It has also brought about social ramifications that are and will continue to be far-reaching. APEC member economies recognised that regional and global economic inter-linkages and interdependence can have a contagion effect on other economies outside the region. While individual APEC economies affected by the financial turmoil must undertake domestic policy initiatives to effect economies recovery, other APEC member economies could, where possible, assist in the process of economic recovery. APEC may not be the mechanism for direct intervention, but it is important that APEC supports initiatives to manage the financial crisis - both in term of the causes and impact. APEC Ministers exchanged views on the current economic situation, developments in international trade and on APEC’s contribution to the work of the World Trade Organisation. Ministers also engaged in a dialogue with APEC’s Business Advisory Council (ABAC) on APEC’s response to the 1997 ABAC's recommendations and on broadening APEC outreach to a wider segment of the business sector. Ministers endorsed, amongst others, the second stage of the work programme which include possible development of principles and pratical co-operative activities for promoting the use of electronic commerce in the region, recommendations on technical co-operation and capacity - building activities, including on public sector use of electronic commerce, as well as outreach and training programmes. Minister also endorsed the programme of information exchange and technical co-operation to address the “millennium bug/Year 2000” problem and to identify impediments to electronic commerce in the region. Ministers welcomed remarks from member-designate, Peru, Russia and Vietnam on their preparations to assume full membership in APEC in November. Ministers also received report from representatives of the Pacific Economic Cooperation Council (PECC), the South Pasific Forum (SPF) and the Association of South East Asian Nations (ASEAN).
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