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The Secretary for Trade and Industry, Mr Chau Tak Hay, said today (Tuesday) that he was pleased with the outcome of the Meeting of Asia-Pacific Economic Co-operation (APEC) Ministers Responsible for Trade, adding that it reflected APEC's continued commitment to trade and investment liberalisation and facilitation.

At the Trade Ministers Meeting held in Kuching, Sarawak, Malaysia on June 22-23, Ministers noted the good progress made, since the Economic Leaders and Ministerial Meetings in Vancouver last November, in advancing work on the early voluntary sectoral liberalisation (EVSL) initiative, Individual Action Plans (IAPs) and Collective Action Plans (CAPs).

"I am delighted with the outcome on the EVSL initiative, particularly given the economic difficulties currently facing many East Asian economies," said Mr Chau.

There was an emerging consensus at the meeting on product coverage, target end rates and target end dates for liberalising the nine sectors selected by APEC Economic Leaders in Vancouver last November for fast track action.

Ministers endorsed a number of specific recommendations on the basis of which Senior Officials will work towards a credible package of balanced and mutually beneficial arrangements, for consideration at the Tenth APEC Ministerial Meeting to be held in Kuala Lumpur in November 1998.

In addition, Ministers reaffirmed the central role of IAPs and CAPs in implementing the APEC trade and investment liberalisation and facilitation agenda. "It is encouraging to see that member economies remain committed to improving and implementing IAPs and CAPs, taking into account the views of the business sector," said Mr Chau.

The meeting also endorsed a work programme developed by the APEC Task Force on Electronic Commerce. The work programme encompasses information sharing and technical co-operation initiative. "Electronic Commerce is developing rapidly and deserves our full attention. I welcome the agreed work programme, which will help our business sector to reap the benefits of the increasing use of electronic commerce globally," Mr Chau added.

APEC at present comprises 18 member economies: Australia; Brunei Darussalam; Canada; Chile; the People's Republic of China; Hong Kong, China; Indonesia; Japan; the Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; the Republic of the Philippines; Singapore; Chinese Taipei; Thailand; and the United States of America. Peru, Russia and Vietnam will be formally admitted to APEC at the Ministerial Meeting in November this year. Currently, they participate in APEC activities as members-designate.

End/Tuesday, June 23, 1998

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