KARACHI, July 28: Foreign Minister of Australia Alexander Downer has called for liberalisation of domestic economies by the countries of Asia Pacific region. Mr Downer, who is foreign minister for over a decade, was making a keynote speech on “The future of Asia Pacific Economic Cooperation' at the Australian Institute of International Affairs, Perth organized by Confederation of Asia Pacific Chambers of Commerce and Industry. Tanvir Ahmad Sheikh, president FPCCI and Tariq Sayeed also attended the luncheon meeting, says a FPCCI press release.

He said the future belonged to open economies while closed economies were a total failure. Half of world GDP now belonged to the developing countries, he added.

He said that 21 countries of Asia Pacific Economic Cooperation (APEC) were moving towards free trade; poverty has reduced to half since 1989 and per capita GDP has doubled; tariff rates have reduced to 17- 5 per cent.

The Australian minister said that energy and security were two important subjects to be focused.—APP