APEC mining ministers agree to consider free trade plan |
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Thu, 15 Feb 2007 04:33
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PERTH, Australia (XFN-ASIA) - Plans for an Asia-Pacific free trade area have edged forward with APEC mining ministers agreeing at a meeting this week to work on breaking down barriers, Australia's Resources Minister Ian Macfarlane said.Ministers from the 21 members of the Asia Pacific Economic Cooperation forum have agreed to examine the effects that free trade in minerals and metals would have on the sector, Macfarlane told reporters at the end of the meeting late Wednesday.'We have taken the first step to achieving a long-term vision of an APEC free trade agreement,' Macfarlane said.APEC brings together 40 pct of the world's population, represents 47 pct of world trade and 60 pct of global economic output.APEC leaders agreed at a summit in Vietnam in November to commission a study into a free trade zone linking Asia and the Americas for evaluation this year.The meeting of mining ministers is one of a series being held in Australia ahead of this year's APEC summit in Sydney.APEC members include big mineral producers such as Australia, Canada, Peru, Chile and the US as well as major consumers like China and Japan.The ministers agreed that cooperation and consultation would overcome significant challenges confronting resources security throughout the APEC economies, Macfarlane said in a statement.'We discussed regulatory frameworks and agreed they should not be unduly prescriptive but should strive to establish performance goals and outcomes.'In keeping with these objectives, ministers would also explore greater regional economic integration, he said.'APEC Ministers will analyse the effects that free trade in minerals and metals would have on the sector and explore practical ways to increase trade and investment opportunities,' he said.afp
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