APEC Ministers stress energy security

By Amit Baruah

SHANGHAI, OCT. 18. The Asia-Pacific Economic Cooperation (APEC) forum Ministers today stressed the importance of ``energy security'' in the wake of the September 11 terrorist attacks in the United States while strongly backing the commencement of a new round of trade negotiations at the Fourth Ministerial Conference of the WTO due to be held from November 9 to 13.

The Ministers called for ``further energy technology development, exchange, application and deployment, and for the facilitation of a diverse and efficient supply mix to avoid the risks posed to the economy by volatility in the international oil market''. Referring to the slowing economic conditions, the Ministers said: ``Since the end of last year, the slowdown in the United States, Japan and Europe has dampened the prospect of global and regional economy, with some members in the region affected considerably by the declining global demand.''

``The recent terrorist attacks in the United States risk undermining some industries as well as consumer confidence. In the face of the less favourable global and regional economic environment, Ministers affirmed their confidence in the medium and long-term prospects of growth in the APEC region and agreed to strengthen co-operation to tackle the short-term economic difficulties. In this connection, Ministers reaffirmed the importance of promoting dialogue and co-operation with a view to achieving sustainable and common development,'' the joint statement said.

On WTO issues, it said: ``Ministers re-affirmed the strong commitment to launch the new WTO round of multilateral trade negotiations in 2001. Given the global economic slowdown, Ministers agreed on the critical importance of and urgency of launching the round at the Fourth WTO Ministerial Conference...

''Ministers called on parties concerned to demonstrate strong political will and flexibility in agreeing on a balanced and sufficiently broad-based agenda to launch the new round, which should include further trade liberalisation and strengthening of WTO rules and reflect the interests and concerns of all members, especially those of the developing ones..`` the statement read.

In recognition of the concerns expressed by Third World nations, the Ministers ''reaffirmed that the concerns of developing countries should be addressed through the effective implementation of special and differential treatment and ongoing effort for capacity building and technical assistance so as to facilitate their full participation in WTO.

``Ministers reaffirmed APEC's determination in expediting the full and effective implementation of the Uruguay Round agreements and commitments, and called on the WTO to give due consideration to the concerns of members, especially developing ones, on the implementation of issues emanating from the Uruguay Round agreements and commitments when formulating the agenda for the new round,'' the statement said.

The Ministers wanted China's accession to the WTO to be finalised at the forthcoming Ministerial conference. ``Ministers also reiterated strong support for approval of accession to the WTO by Chinese Taipei at that conference and the advancement of WTO accession by the Russian Federation and Vietnam. Ministers supported the participation of all acceding economies in the new round of WTO negotiations.''

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