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LIMA, Nov 20, 2008 (AFP) - Twenty-one Asia-Pacific economies making up half of global trade are prepared to agree by next month on a formula to tear down tariff walls stalling global liberalization talks, a draft communique said Thursday.
"We are ready to engage to secure a full modalities agreement this year," said the draft of a statement to be issued by trade and foreign ministers of the Asia-Pacific Economic Cooperation (APEC) forum at the end of their meeting in Peru.
The ministers, scheduled to end their two day talks Thursday ahead of a weekend leaders' summit, said a successful conclusion the deadlocked WTO Doha Development Agenda negotiations was "more urgent in light of the global financial crisis.
"A strong agreement would demonstrate the ability of the international community to work together to bolster a deteriorating global economy," the ministers are to pledge in their communique, a copy of which was seen by AFP.
They are to recommend to their leaders, including US President George W. Bush and Chinese President Hu Jintao, to demonstrate "political support for reaching an ambitious and balanced conclusion" to the latest round of global trade talks, launched in the Qatari capital Doha in November 2001.
The ministers also recommended to their leaders to "strongly support" a declaration to help ease financial turmoil adopted by the Group of 20 developing and industrialized states "and reinforce the commitment to refrain from raising new barriers to trade and investment."
The G20 leaders in Washington last week announced a series of actions to stabilize the financial system, stimulate economic growth, help emerging and developing economies battered by the crisis, and strengthen the financial regulatory framework.
"Ensuring a rapid, coordinated and effective response to the current global financial crisis is the highest priority for APEC economies and will be the focus of attention when APEC economic leaders meet later this week," the draft communique said.
The G20 had agreed to work towards an agreement this year on modalities that could lead to a successful Doha Round.
APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.
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