WASHINGTON, Nov 9 — Pacific Rim trade and foreign ministers today pledged to maintain measures to sustain a recovery from the coronavirus pandemic while pursuing talks to curb subsidies for fisheries and agriculture at a forthcoming World Trade Organisation meeting.
The ministers from the Asia Pacific Economic Cooperation (Apec) countries said in a communique issued after a virtual meeting 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.
With many economies in the region dependent on tourism, the Apec 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,” the ministers said.
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 Apec ministers said they would engage constructively at the WTO’s 12th ministerial meeting (MC12) at the end of November to modernize trade rules and deliver concrete results. They called for WTO countries to negotiate effective curbs on harmful fisheries subsidies at the meeting in Geneva.
“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, the ministers said. — Reuters
