"APEC has a crucial role to play in salvaging WTO negotiations. APEC's membership represents a wide spectrum of WTO Members from developing to developed areas and from a range of different cultures. Our economies also account for around half of global trade volume.
"APEC Member Economies based in Geneva have been working for several months on building consensus to advance WTO negotiations for a successful conclusion by the end of 2006."
APEC Trade Ministers will also review progress on the success of the APEC Trade Facilitation Action Plan which sought to reduce transaction costs by five percent over the past five years and then consider plans for another five percent reduction by 2010.
"The reduction of business transaction costs by five per cent since 2001 was estimated to stimulate an additional US$280 billion in annual trade," Minister Truong said.
"The success of the Trade Facilitation Action Plan has benefited business operators and the communities they serve around the Asia-Pacific. A further targeted reduction in transaction costs will provide additional direct benefits for regional commerce.
"Ministers will consider a proposed framework for delivering the further five percent reduction in transaction costs."
Also on the two day agenda, Ministers will review the progress in implementing the APEC Anti-Counterfeiting and Piracy Initiative, including the development of guidelines on intellectual property rights public awareness. Ministers will also consider progress on APEC's work on anti-corruption and transparency, secure trade and economic impact of avian influenza pandemic.
Asia-Pacific Economic Cooperation
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