Home / Knowledge / News / APEC economies to emerge stronger & more dynamic from crisis
APEC economies to emerge stronger & more dynamic from crisis
22
Jul '09
At the close of a two-day meeting (21 – 22 July) in Singapore, APEC Trade Ministers outlined their response to issues affecting economic recovery and long-term growth.

Statement on Addressing the Economic Crisis and Positioning for Recovery Issued by APEC Ministers Responsible for Trade:

We, the APEC Ministers Responsible for Trade, met in Singapore from 21-22 July 2009.

The global economy appears to be bottoming out, but the outlook remains uncertain and significant risks remain. We will therefore persist with efforts to support growth and facilitate trade and investment flows, keep our markets open, and give a new push to concluding the Doha Round. Looking beyond the current economic crisis, we will accelerate our efforts to integrate the Asia-Pacific region, and ensure that our growth strategies are inclusive and sustainable.

Addressing the Economic Crisis
Sustaining trade and investment flows remains critical to our future prosperity. The main threats to a revival of trade flows include rising protectionist pressures, and continued delay in concluding the Doha Round.

Concluding the Doha Round by 2010 will be the most effective way to resist protectionism and strengthen the multilateral trading system. We had frank and open discussions on some of the key outstanding issues and the steps necessary to accelerate the end-game negotiations of the Doha Round for the second half of 2009. We will:

• build on the good progress already made in the negotiations in 2008 and the positive political momentum created by recent Ministerial gatherings;
• accelerate efforts to conclude modalities in Agriculture and NAMA, including Special Safeguard Mechanism (SSM) and Sectorals, while advancing, in parallel, the negotiations in Services, Rules, Trade Facilitation and all other remaining issues;
• utilise all possible avenues of engagement, including bilateral and plurilateral, to encourage greater transparency and understanding of what is on the table to fill the remaining gaps in the negotiations as soon as possible;
• provide clear political direction to senior officials to exercise maximum flexibility in the negotiations; and
• direct senior officials to meet in Geneva to ensure direct engagement within the WTO so that progress can be made prior to the Pittsburgh Summit in September 2009.

APEC Leaders undertook in November 2008 to refrain till end 2009 from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing WTO inconsistent measures in all areas, including those that stimulate exports. With this in mind, we discussed the specific trade, fiscal and monetary measures undertaken by APEC economies since the outbreak of the crisis, based on reports from the WTO and APEC Business Advisory Council (ABAC). We agree to:

• design our policy responses to the crisis, including fiscal policy and action in support of the financial sector, in a manner that minimises distortion to trade and investment;


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X