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APEC eyes trans-Pacific free-trade zone

Taiwan hopes to speed trade pact talks with China: official
Singapore (AFP) Nov 12, 2009 - Taiwan wants to enter into formal negotiations on a bilateral trade agreement with China soon, the island's economic minister said here Thursday. Speaking on the sidelines of the Asia-Pacific Economic Cooperation forum meeting, Shih Yen-shiang said discussions on the trade pact were still only in the informal stages. "We hope to start to have formal consultations with the other side of the Taiwan Strait and I believe that ECFA (the Economic Cooperation Framework Agreement) will benefit both sides of the Taiwan Strait," Shih said through an interpreter.

"Of course we want to accelerate the pace of the negotiations," he added. "However it's related to many, many details, therefore I am not sure that I can give you any timetable on that." The trade pact is likely to be discussed when delegates from the two sides meet in Taiwan for talks from December 21-23, Taiwan media reported on Thursday. The talks will be the fourth since the two sides -- who were Cold War arch-enemies for six decades -- began a thaw in relations in mid-2008 after the election of Taiwan's China-friendly President Ma Ying-jeou. Shih also declined to say if Taiwan's envoy to the Asia-Pacific Economic Cooperation (APEC) summit, Lien Chan, would meet Chinese President Hu Jintao on the sidelines of the meeting. "We need to wait for (Lien) to arrive to brief you about that," he said.

China's foreign ministry spokesman Ma Zhaoxu also declined on Thursday to comment on a possible meeting. APEC is one of the few international organisations where both China and Taiwan, which is designated as "Chinese Taipei", are full members, along with Hong Kong. This is made possible by referring to APEC members as "economies" rather than countries. Taiwanese presidents are barred from APEC summits due to objections from China, which regards the island as part of its territory, and are usually represented by senior economic advisers or business leaders. The two sides separated in 1949 after a civil war.
by Staff Writers
Singapore (AFP) Nov 12, 2009
Asia-Pacific economies pledged Thursday to pursue a giant free-trade zone covering 2.6 billion people and called for easier access to green technology to combat climate change.

Foreign and trade ministers of the Asia-Pacific Economic Cooperation (APEC) group said they would direct their officials to study ways to achieve the long-term vision for a "Free Trade Area of the Asia Pacific", or FTAAP.

The proposed area would cover APEC's 21 member economies, stretching from Chile to China via the United States. They account for 40 percent of the world's population of 6.7 billion people and over half its economic output.

"APEC will work towards reducing barriers not only within APEC, but also with other non-APEC economies," the ministers said in a statement ahead of a leaders' summit this weekend to be attended by US President Barack Obama.

The ministers also pledged to open up trade on environmental goods and services as part of efforts to fight climate change and achieve sustainable economic growth.

Man-made climate change "is one of the biggest challenges facing the world", the ministers said after a two-day meeting in Singapore, and ahead of an international conference on global warming in Denmark next month.

"We will seek to ensure that economic growth is consistent with sustainable development," they said.

"We will also take steps to facilitate the diffusion of climate-friendly... technologies," they said, adding they will work to improve energy efficiency and rehabilitate the region's forests.

World Trade Organisation director-general Pascal Lamy, who attended the Singapore meetings, welcomed APEC's efforts on green technology.

"I believe that again the pragmatic role, which is opening more green goods and services than the rest (of the world), makes a lot of sense," Lamy said.

"We are trying to do this in the World Trade Organization, but if APEC was to take the lead, that would be a good thing," he said, as the APEC members pledged to work to unblock the WTO's long-stalled Doha round of global talks.

The idea of a Pacific-wide free-trade area got a cool reception when it was first mooted by the United States in 2006. But it has gained traction as the Doha round has sunk deeper into trouble.

Officials cautioned, however, that the Pacific Rim trade zone remained a long-term ambition with APEC already struggling to meet a goal of eliminating all trade barriers among its developed members by next year.

"People are saying that because APEC has 21 members, it is such a huge community and stages of the economies are quite different," Shih Yen-shiang, Taiwan's minister for economic affairs, told reporters.

Singapore Trade Minister Lim Hng Kiang said transforming APEC into a trans-Pacific free-trade area will involve tough negotiations similar to those for the stalled Doha Round.

"It's not a small undertaking," Lim told a news conference.

"Once you say you're going into negotiations for an FTA, I think the group dynamics, the atmospherics will change," he said, contrasting them to the non-binding discussions at APEC.

But he also said that for businesses to reap concrete benefits, any grouping in the end "has to be structural, it has to be obligatory and there has to be dispute settlement mechanisms."

The region already has a patchwork of 42 bilateral and regional free-trade agreements, which would need to be harmonized.

There is also a small trans-Pacific free-trade pact involving Brunei, Chile, New Zealand and Singapore, and there are hopes that the United States and other countries will sign on to it to form the basis for an FTAAP, officials say.

Japanese trade minister Masayuki Naoshima said the FTAAP "could suddenly appear as a result of accumulating various cooperations" such as the free-trade pact between Japan and the Association of Southeast Asian Nations.

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China Oct trade surplus nearly doubles: customs
Beijing (AFP) Nov 11, 2009
China's trade surplus nearly doubled in October from the previous month, official data showed Wednesday, indicating overseas demand for Chinese goods was strengthening. The nation's trade surplus rose to 23.99 billion dollars in October, up from 12.93 billion dollars in September, the General Administration of Customs said in a statement on its website. Exports fell 13.8 percent to ... read more

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