PERU 20-29 May 2008 APEC trade ministers meet against backdrop of uncertainty

At the 2007 summit of the Asia-Pacific Economic Co-operation forum, the leaders asked ministers and officials to report back in 2008 with a summary of steps taken to promote regional economic integration. When they meet in Arequipa, trade ministers, as bidden, can be expected to look again at progress towards the body's overall goal -- free and open trade among the developed nations of the 21 country Pacific Rim forum by 2010 and by 2020 for its developing countries. The question is whether they will detect much sign of movement.

APEC describes itself as the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC countries have forged numerous bilateral deals, but there has been an apparent wariness about allowing wider access to markets. The imminent change of government in APEC member Russia and proximity of the election in the United States are also creating wariness about forward movement with trade issues. Another significant worry for APEC members is the potential fallout from the the sub-prime mortgage crisis in the United States and high oil prices.

Whether the talks in May yield a positive note on multilateralism could hinge on the persuasiveness of Australia's new government. On 6 Dec the trade minister in Australia's new Labour government, Simon Crean, told The Australian newspaper that his party would continue to pursue free trade agreements with nations such as China and Japan, but said its first emphasis would be on multilateral negotiations through the World Trade Organisation and regional blocs such as APEC.

APEC groups Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, The Philippines, The Russian Federation, Singapore, Chinese Taipei, Thailand, United States of America and Viet Nam. Dec/07

RELATED READING:

Big gains seen from U.S.-Japan free trade pact (ABC 27 Nov 2007)
http://www.abcnews.go.com/Politics/wireStory?id=3922709

We'll push multilateral trade deals: Crean (The Australian 6 Dec 2006)
http://www.theaustralian.news.com.au/story/0,25197,22877871-5013871,00.html