The APEC Business Advisory Council (ABAC) has called on all APEC economies to take effective measures to prevent a return to protectionism and implement the Declaration of LIMA on trade liberalization.
Meeting in Da Nang from August 25-27, officials, CEOs, researchers and policymakers from the 21 APEC member economies said it’s time APEC established a free trade area (FTA) in the region not only to facilitate free trade but also to ensure that none of the economies will lag behind. They suggested that APEC leaders draw up a roadmap for regional FTA negotiations, scheduled to start in 2010.
They said the economies are making every effort to speed up the Doha round of talks with the aim of reaching a final agreement in 2010. The early completion of negotiations will help boost global economic development, investment and the fight against protectionism.
They also made recommendations concerning food security, sustainable development, climate change and effects of population growth on the development of small- and medium-sized enterprises.
Hoang Van Dung, Vice President of the Vietnam Chamber of Commerce and Industry, said APEC plays an important role in Vietnam’s economy. The regional organisation accounts for 60 percent of the country’s trade and 80 percent of its foreign investment capital. By cooperating with APEC, the Vietnamese business community has the chance to access large amounts of capital, new technology and equipment.