Singapore to chair APEC and lead economic discussions

Singapore - Singapore Wednesday said it would discuss with other Asia-Pacific Economic Cooperation (APEC) member economies measures to support economic growth, address the global economic crisis, accelerate regional economic integration, and resist protectionism this year.

Singapore, as APEC chairman, would bring together, for the first time, APEC trade and finance senior officials, in February and July, to discuss fiscal and monetary measures to help businesses and workers tide over the economic crisis, the city state's Trade and Industry Ministry said.

Previously, APEC trade and finance senior officials have had separate meetings on their respective trade and finance agendas.

The ministry said Singapore would work with other APEC member economies to accelerate regional economic integration, "at the border," "behind the border" and "across the border."

First, APEC would intensify work to reduce trade and investment barriers "at the border." This includes putting in place building blocks for a possible Free Trade Area of the Asia-Pacific (FTAAP), such as streamlining the rules of origin of existing free trade agreements to reduce business compliance costs and increase utilization rates, elaborated the ministry in a statement.

Second, APEC would improve the ease of doing business by simplifying business regulations "behind the border," to make it easier, faster and cheaper to start a business, get licenses, trade across borders and carry out other business functions.

Third, APEC would look into improving logistics and transport networks to enhance physical connectivity "across the border," to further reduce the time, cost and uncertainty in moving goods along the entire supply chain.

The ministry said APEC would also give priority to providing impetus for the successful conclusion of the World Trade Organization (WTO) Doha Round of trade talks.

Securing a global deal would not only help deliver new trade flows but also provide a firewall against protectionist pressures by locking in levels of access for trade and investment flows, it pointed out.

In the meantime, Singapore has launched a special logo to commemorate its hosting of APEC this year. The APEC 2009 Singapore logo depicts the group's 21 economies coming together to convene at a single point, working towards unity, cooperation and synergy among member economies to advance common interests. (dpa)

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