Brunei's Local News - Brudirect.com

Apec Sets Out To Strengthen Economic Regional Integration
By Liza Mohd in Lima, Peru

Bandar Seri Begawan - At the 20th Asia Pacific Economic Cooperation (Apec) Ministerial meeting, trade and foreign ministers from the 21-member Apec economies reaffirmed their commitment to the Bogor Goals as a key organizing principle and driving force for AMC.

This is part of the steps that will be taken towards strengthening economic integration in the Asia-Pacific region. Reinforcing and strengthening its commitment to free and open trade and investment would promote economic growth in the current difficult economic environment.

In addressing the Apec Regional Economic Integration Agenda, the Apec ministers reported that a significant number of the 53 agreed actions which were contained in its 2007 Report that were endorsed by Apec leaders in Sydney, have been completed.

In terms of exploring a Free Trade Area of the Asia-Pacific (FTAAP) the ministers also reported

having made significant progress this year in examining the options and prospects for an 14-1AAP through a range of practical and incremental steps.

The- existing analysis on an F-FAAP suggests that it could generate economic gains in the region and spur on further global flee trade. The ministers instructed officials to undertake further anal} sis on the likely economic impact, benefits and challenges of an FTAAP next year.

The Apec group further agreed that structural economic reform is now an important element of Apec's agenda, integrating the three pillars of trade and investment liberalisation, business facilitation, and economic and technical assistance and cooperation.

The Apec leaders also noted efforts by their finance ministers during the year to strengthen financial markets in the region.

Other commitments were working Corporate Social Responsibility (CSR) programmes, with the aim of magnifying the positive impact or business on communities, intensifying the fight against corruption and promoting transparency, protecting the region against terrorist attacks as well as citizens against the effects of climate change.

There were also two announcements made during the 20"1 Corporate Ministerial Meeting press 'conference yesterday.

The first was the incorporation of Peru, the United States and Australia to the Strategic Trans-Pacific Agreement of Economic Association, known as the P4 group, which unites Chile, New Zealand, Brunei Darussalam and Singapore together. Trade Ministers from the seven economies attended the conference.

Lastly a Methorandum of Understanding signing between the Apec members and the Russian Federation took place, through which Russia has pledged to donate half a million dollars to the Apec assistance program. The funds will be allocated to human security investments and science and technology investigations. -- Courtesy of Borneo Bulletin