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APEC ministers voice against protectionism

In Uncategorized on November 24, 2008 at 1:55 pm

Hanoi (VNA) – Foreign and trade ministers of twenty-one Asia-Pacific Economic Cooperation (APEC) member economies made a pledge on November 20 against protectionism and urged a quick breakthrough in global trade talks to beat the financial crisis.

The commitment, which was made following the two-day APEC Ministerial Meeting in Peruvian capital, Lima, called for countries and territories within the Asia Pacific ring to reject protectionism and make stronger efforts in maintaining open trade and investment liberalisation and facilitation.

“We will stand firm against protectionist sentiment arising out of this crisis. In this way, we will play our full part in promoting recovery, growth and development,” ministers said in the joint statement.

In the statement, which lays the groundwork for the APEC Economic Leaders’ Meeting to be held late this week in Lima, Asia Pacific ministers have reaffirmed their opposition to trade and investment barriers.

APEC ministers not only have reached a consensus to push forward the Doha talks but also agreed on the direction to conclude it.

The Doha negotiations, which started in 2001, has come to a deadlock over the past seven years and repeatedly missed deadlines. The latest setback came in July when World Trade Organisation trade ministers failed to wrap up the negotiations due to disagreements between the US and India on a special safeguard mechanism for agricultural products of developing countries.-

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