October 18, 2001	Thursday	Rajab 30, 1422

SHANGHAI, Oct 17: Asia-Pacific nations on Wednesday began a meeting which is set to adopt a united stand against terrorism and stress the need for new trade talks to reinvigorate the world economy in light of September 11.

Foreign and trade ministers from the 21-member Asia-Pacific Economic Cooperation (APEC) forum began their two-day talks in preparation for a weekend leaders’ summit set to be joined by US President George W. Bush.

Chinese Foreign Minister Tang Jiaxuan also noted APEC’s free-trade and development goals as the biggest international meeting since the airborne suicide attacks on the World Trade Center and the Pentagon got underway.

We should take effective fiscal and financial measures to stabilize the market, restore confidence and facilitate growth in the aftermath of the terrorist strikes, he said.

The ministers, who are due to be joined by US Secretary of State Colin Powell when he arrives later Wednesday from India, were set to declare that a new round of World Trade Organization talks is even more urgent in light of the September 11 attacks.

We also had a very good discussion about the role of the APEC countries in trying to launch the global WTO negotiations and there was a very strong sense among countries that we needed to launch the negotiations he said.

DRAFT DECLARATION: Asia-Pacific leaders must act to help reverse the global economic slowdown while pressing for the launch of a new round of World Trade Organization talks, according to a draft declaration.

The draft obtained by AFP of the declaration by leaders of Asia-Pacific Economic Cooperation (APEC) forum economies, due to be released at the end of a weekend summit here, also reaffirms the leaders’ confidence in the region’s prospects.

“The slowdown in some major economies casts a shadow over the prospects of regional economic growth. As the premiere forum for regional economic cooperation, APEC must also act to help reverse the downturn,” the draft says.

Since last year’s APEC summit in Brunei, the global slowdown has hurt the region, with some of the 21 member economies particularly affected by unfavourable external market conditions.

However, the draft said the leaders affirmed “unwavering confidence in the medium and long-term growth prospects” for the Asia-Pacific region.

The leaders would also reiterate their strong commitment to the launch of the new round of global trade talks at the WTO ministerial meeting scheduled next month for Doha, Qatar.

They agreed on the need for a balanced and broad agenda, which would include increasing trade liberalization and strengthening WTO rules. It would “reflect the interests and concerns of all members, especially those of the developing ones”.

It would also call for the rapid completion of the accession to the WTO of China and Taiwan at Doha, and the advancement of the WTO accession process for APEC members Russia and Vietnam.

Both China and Taiwan have finalized deals to enter the WTO, with only formal ratification by the trade organization remaining to be completed.

The draft said APEC needs to demonstate its ability to respond and adapt to changes in the world.

While global integration holds great promise for delivering higher living standards, the opportunities were not shared widely enough among and within economies.

The draft of the leaders’ declaration was put together before this week’s APEC talks and may be amended during talks by officials and ministers here.—AFP