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An APEC push for a new round of global trade talk and appraisal of the Asian financial turmoil will be among the key issues discussed at the annual APEC Economic Leaders Meeting (ELM), the Chief Executive, Mr Tung Chee Hwa, said today (Saturday) in Auckland.

Mr Tung, who arrived in New Zealand's biggest city earlier today, said that in the past 10 years APEC had been a driving force in liberalising global trade and investment.

"This will obviously be a very important subject of our discussions," said Mr Tung, who is attending his third annual ELM.

"I hope that we will have a very positive result which will help the new WTO round of discussions that are due to start in November in Seattle."

The annual Ministerial Meeting, which ended yesterday (Friday), has urged economic leaders to send a strong and clear message to the WTO that the proposed 'Milennium Round' of WTO trade talks be broad-based and multilateral, be finalised within three years and include benefits for developing economies.

APEC's 21 economies account for about half of world trade and include 13 of the world's top 25 trading economies.

Mr Tung said economic leaders would also take the opportunity to discuss the Asian financial turmoil, which was the focus of discussions at the 1998 ELM in Kuala Lumpur.

"It is more than two years since the financial crisis in Asia first erupted and this is a good time for us to review the past, to gather experiences and look at the future," he said.

"Firstly, we need to ensure that this sort of financial turmoil should not happen again.

"And secondly, as the economies are now all slowly recovering, we need to be sure that the recovery will be sustained and will eventually will be strong and good for everybody."

On the upcoming Sino-US summit between President Jiang and President Clinton in Auckland later today, Mr Tung said he was glad the two leaders would have the opportunity, in the sidelines of the APEC meeting, to discuss bilateral relations.

"The Sino-US relationship is very important to China, to the United States of America and of course to Hong Kong," he said.

"We are all looking forward very much to a good outcome of that meeting."

In a busy day, Mr Tung got straight down to business after arriving in Auckland.

The Chief Executive held bilateral meetings with Australian Prime Minster John Howard and the Sultan of Brunei, greeted President Jiang Zemin on his arrival in New Zealand for a State Visit and the APEC forum, and attended the high-powered CEO Summit Gala Dinner.

In between meetings, the Chief Executive also found time for an annual APEC tradition - a fitting for the 'official' attire to be worn by economic leaders at their meeting on Monday.

This year's attire will be officially 'unveiled' at the ELM on Monday.

Last year, APEC leaders were treated to a stylised batik shirt by hosts Malaysia, while in Vancouver in 1997 leaders posed for the official photograph in brown leather bomber jackets embossed with the APEC logo and the economic leader's name.

Photo :The Chief Executive, Mr Tung Chee Hwa, holds bilateral talks with Australian Prime Minister, Mr John Howard, in Auckland ahead of the annual APEC Economic Leaders

End/Saturday, September 11, 1999

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