During their two-hour informal retreat at the National Convention Centre in the afternoon, chaired by Vietnamese President Nguyen Minh Triet, the leaders discussed WTO/DDA issues, regional trade agreements and free trade agreements (RTAs/FTAs), the Hanoi Action Plan to Implement the Busan Roadmap as well as measures to advance the achievement of the Bogor Goals.
They emphasised the importance of the resumption of the DDA round of WTO negotiations and adopted several measures to resuscitate it. They also endorsed the Hanoi Action Plan to implement the Busan roadmap, considering it the blueprint for economic and trade cooperation for the next 15 years, ultimately completing APEC cooperation mechanisms.
Immediately following the retreat, the leaders had a 1-hour dialogue with the APEC Business Advisory Council (ABAC) with the aim of advancing trade and investment liberalisation and facilitation. In his address, President Triet said over the past 17 years, APEC has made significant contributions to promoting the prosperous development of each member economy and creating a dynamic community with a level of sustainable development.
“To maintain sustainable development for the future, we should further tighten economic and technical cooperation towards trade and investment liberalisation and strengthen the multilateral trading system on an equal and mutually beneficial basis so as to perfect APEC operations,” said Mr Triet. “To achieve these goals, open and close cooperation mechanism between APEC leaders and the business community is an indispensable factor.”
According to Mr Triet, in October 2006 APEC leaders received an ABAC report on constructive recommendations. He expressed his belief that the dialogue was a valuable chance for APEC leaders and the business circles to share views and foster cooperation with the aim of building the APEC Vision until 2020.
In the evening, the leaders attended a gala dinner and cultural performance hosted by Vietnamese President Nguyen Minh Triet and his spouse.
On November 19, they will attend the second retreat in the morning to discuss matters concerning human security, economic and technical cooperation, APEC reform and other issues.
The Declaration of the meeting will be released on November 19.
Following is the Statement on the Doha Development Agenda of the WTO
1. We, the APEC Economic Leaders, celebrate
2. We reaffirm our collective and individual commitments to concluding an ambitious and balanced WTO Doha agreement. To meet this goal, we have an urgent need to break the current deadlock and to put the negotiations back on a path towards a timely conclusion. A successful Doha Round will contribute to global economic growth and to the alleviation of poverty. It must do so by creating new trade flows and by effectively addressing the development dimension.
3. APEC economies have a proud tradition of leadership on WTO matters. We are determined to resume without further delay negotiations to achieve a balanced and ambitious outcome that works for all WTO members. Although agriculture remains the key to resolving the current impasse, we need to build an overall package covering market access for industrial goods and services, rules and trade facilitation.
4. We are ready to break the current deadlock: each of us is committed to moving beyond our current positions in key areas of the Round. That means making deeper reductions in trade-distorting farm support by major players, creating new market access in agriculture, making real cuts in industrial tariffs, and establishing new openings in services trade, while dealing seriously with Members’ concerns and sensitivities. All APEC members are ready to lead, but others also must signal their readiness and resolve.
5. APEC's future is inextricably linked to a strong and vibrant multilateral trading system. We will remain personally involved to ensure that negotiations are resumed and will ensure the necessary flexibility and ambition to secure a breakthrough. We urge our partners in other regions to be similarly bold and engaged.
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