The Asia-Pacific Economic Cooperation (APEC) Committee on Trade and Investment met for the second time this year to identify initiatives that support intra-Asia-Pacific trade.
The committee and related policy groups met in Singapore from March 28 to April 3 to discuss priorities for 2012, specifically, to foster regional economic integration, establish reliable supply chains, expand regulatory convergence and cooperation, and foster innovative growth.
APEC member-economies examined mechanisms to better chart their progress toward free and open trade and investment in the region.
“APEC members clearly remain united in their desire to build on measures that drive forward trade and investment and are critical to bringing our region closer together to power economic activity that spurs more robust, sustainable growth and prosperity,” said Monica Contreras, chair of the APEC Committee on Trade and Investment.
Members also examined how to improve connectivity within the supply chain by addressing choke points so as to facilitate the flow of trade and services and reduce transaction costs and delays.
Environmental goods and services, whose trade growth is outstripping that of other goods, was also a topic in the committee’s agenda.
“There is still a lot of work to be done, but the progress made inSingaporethis week demonstrates APEC economies’ commitment to positively contribute to green growth and sustainable development objectives,” Contreras said.
The committee further recognized the importance of engaging the regulatory community and industry to face the challenges associated with growth.
The APEC Committee on Trade and Investment and related dialogues will meet again in Kazan, Russia, to review progress ahead of a meeting of APEC Ministers Responsible for Trade on June 4-5.
