WASHINGTON • Pacific Rim trade and foreign ministers yesterday pledged to maintain economic support measures to sustain a recovery from the pandemic while pursuing negotiations to curb subsidies for fisheries and agriculture at a forthcoming World Trade Organisation (WTO) meeting.
The ministers from the Asia-Pacific Economic Cooperation (Apec) countries said in a communique after a virtual meeting that there was wide divergence in recovery across and within economies, with downside risks remaining.
"We need to sustain our economic recovery through continued policy support measures, while preserving financial stability and long-term fiscal sustainability," the ministers said.
They also said they would facilitate trade in a broader range of medical supplies to fight Covid-19 and voluntarily work to reduce the cost of vaccines and related goods. They pledged to support WTO negotiations on a temporary waiver of intellectual property protections on Covid-19 vaccines.
The 21-economy group includes the United States, China, Russia and several South-east Asian nations including Singapore, Malaysia and Indonesia. Apec's member economies account for around 38 per cent of the world's population and more than 60 per cent of its gross domestic product.
With many economies in the region dependent on tourism, the ministers said they would work to ensure safe travel in the region, with "tangible outcomes in 2022".
"We need to continue to pave the way for the resumption of cross-border travel, without undermining efforts to control the spread of Covid-19," they added.
The trade-focused group said officials would work to foster a favourable trade and investment environment, and "ensure our trade and investment environment is free, open, fair, non-discriminatory, transparent and predictable".
"We reaffirm our commitment to keep markets open, and to address supply chain disruptions, thereby fostering mutually beneficial trade relations and reducing trade tensions," the communique said.
The ministers said they would engage constructively at the WTO's 12th ministerial meeting (MC12) in Geneva at the end of this month to modernise trade rules and deliver concrete results.
They called for WTO countries to negotiate effective curbs on harmful fisheries subsidies. "We recognise the need for a meaningful outcome on agriculture at MC12, reflecting our collective interests and sensitivities, with a view towards achieving substantial progressive reductions in support and protection", in line with previous WTO mandates, they said.
REUTERS
