A business symposium with participation of over 300 government and corporate officials from APEC members kicked off in Vietnam Wednesday to discuss and put forth measures to create environment for trade and investment in the Asia-Pacific region.

"The Business Symposium on Trade and Investment will cover many areas including the Doha Development Agenda that are important drivers of economic growth," Truong Dinh Tuyen, Vietnamese Trade Minister and Chair of the APEC Meeting of Ministers Responsible for Trade, slated for June 1-2 in southern Ho Chi Minh City, said here at the two-day symposium.

Trade and investment policies should be considered in national scope but regional perspective, and combined between the thoughts of strategists and practical experiences of businesspeople, he said, noting that the region and the world at large are such emerging risks as corruption and increased business costs resulting from uncertainties in the current global context.

During the symposium, senior APEC officials centered their discussions on issues concerning the WTO Doha Development Agenda, regional trading arrangements (RTA), free trade agreements (FTA), trade facilitation, and information and communications technology.

"Actions need to be taken urgently for the successful and timely conclusion to the WTO Doha Development Agenda round of negotiations this year," Phil Goff, New Zealand Minister of Trade, said, noting that related issues include opening up services substantially and removing domestic subsidies quickly.

Regarding RTA and FTA, Sandra Kristoff, senior advisor of U.S firm New York Life, said enterprises support trade liberalization via bilateral, regional and multilateral channels, especially multilateral ones, but the liberalization must ensure a fair playing field for all stakeholders.

Over 300 FTA and RTA in the world have been notified to the WTO so far, while 34 RTA and FTA in the Asia-Pacific region have been signed, she noted. By the end of 2005 the WTO estimates that over 51 percent of all world merchandise was traded under preferential agreements.

The symposium will wrap up on Thursday morning after making recommendations to the APEC Meeting of Ministers Responsible for Trade which is to center on reviewing the Doha Round, formulating model measures for RTA and FTA.

APEC, established in 1989 for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region, has 21 members which account for more than a third of the world's population, nearly 60 percent of the world's gross domestic product (GDP), and about 47 percent of the world trade. It has worked to reduce tariffs and other trade barriers across the Asia- Pacific region, creating efficient domestic economies and dramatically increasing exports.

Source: Xinhua