Potential trade gains from more transparent and predictable trade regulations among the Asia- Pacific Economic Cooperation (APEC) economies would be worth approximately 148 billion U.S. dollars to the region, a World Bank report released Monday indicated.
"Greater transparency and predictability boost trade and reduce costs to business and ultimately to the consumer," said Australian Minister for Trade Warren Truss when releasing the report.
The World Bank report is aimed at supporting work in APEC on trade facilitation and transparency.
As more than 40 ministers start to arrive in Sydney for the annual APEC Ministerial Meeting Sept. 5-6, Truss said the report highlighted that there was still more that APEC could do to enhance free and open trade and investment in the region.
"APEC Trade Ministers meeting in Cairns (Australia) in July agreed to a new Trade Facilitation Action Plan aimed at reducing trade transaction costs in the Asia-Pacific region by 5 percent by 2010.
"The World Bank report acknowledges this goal and points out that APEC has long been at the forefront of reform efforts in the area of trade facilitation."
Truss said the involvement of business was important to achieving reduced transaction costs and paid tribute to the contribution the APEC Business Advisory Council was making to APEC's work in this area.
The report says making trade policy more predictable reduces uncertainty, and costs to business. It adds that simplifying trade policy makes it easier for importers and exporters to identify, assess and comply with regulation, also reducing costs.
The report concludes there is considerable scope for APEC to consolidate and build on progress already made in the area of transparency and trade facilitation.
It says that mobilizing the financial and technical resources to ensure that such a reform program is feasible and sustainable across such a diverse regional grouping will require APEC members to once again demonstrate the creativity and flexibility for which APEC is so noteworthy.
Truss commended the report as a good example of collaboration between APEC and the World Bank. It draws on the strength in research and analytical resources of the World Bank and APEC's willingness to engage constructively on new issues that impact on trade and economic cooperation.
APEC currently has 21 members: Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam. Australia is the chair of this year.
Source: Xinhua
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