Media release
Australian Minister for Trade, Mark Vaile
Tuesday, June 6, 2000
MVT63/2000
APEC Continues to Deliver Results
Trade Minister, Mark Vaile, today welcomed reports from the 21 APEC members on their continuing action to reduce trade and investment barriers in the Asia-Pacific region.
Chairing the APEC Trade Ministers' Meeting in Darwin, Mr Vaile said APEC continued to deliver important new commercial opportunities for Australian business.
"Continuing steps to open up sugar markets in the Asia-Pacific countries and the commitment to eliminate the Korean beef quota system are particularly welcome.
"Australian companies are also well placed to take advantage
of steps to open up the telecommunications markets of several
APEC economies and Singapore's decision to liberalise its banking
sector.
"The impressive lists of market-opening measures already
taken, and plans for further liberalisation by APEC economies,
prove that APEC's commitment to achieving the Bogor Goals is undiminished."
In Bogor, Indonesia, in 1994, APEC Leaders agreed to progressively open their markets towards the goal of free and open trade in the APEC region by 2010 for industrialised economies, and by 2020 for developing economies. Progress towards achieving these goals is reported annually in Individual Action Plans with final reports presented to APEC Leaders in November.
This year the majority of APEC member economies reported significant tariff reductions and many have taken steps to reduce non-tariff measures. Most have taken measures to liberalise their investment regimes, improve competition policy and deregulate their economies. There has also been extensive work done to streamline customs procedures and harmonise standards.
The 21 APEC economies accounted for 73 per cent of Australia's merchandise exports in 1999. APEC comprises: Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Papua New Guinea, Peru, Philippines, Russian Federation, Singapore, Chinese Taipei, Thailand, US and Vietnam.
Highlights of APEC Trade and Investment Liberalisation Actions
Tariffs
- Mexico has adopted a sectoral program to reduce or eliminate tariffs on inputs and machinery used in production, covering almost 60% of Mexico's US$15 billion worth of imports from APEC member economies which are not part of the North American Free Trade Agreement (NAFTA).
- Canada has eliminated virtually all nuisance tariffs of less than 2%.
- Indonesia is reducing tariffs applied to over 2000 items during 2000.
- Malaysia has eliminated or reduced tariffs on 641 items.
Agricultural Products
- Indonesia has opened trade on sugar and all qualities of rice to general importers and exporters.
- Chinese Taipei has adopted a sugar industry plan that provides for reduction of domestic production and adoption of a tariff-quota system after Chinese Taipei joins the WTO.
- Japan has also reduced several tariffs on sugar.
- Korea will eliminate the present quota system on beef imports in 2001.
Services
- Singapore, has fully liberalised its telecommunications markets, and Hong Kong, Indonesia, and Chinese Taipei have all reported measures to liberalise their telecommunications markets.
- Chinese Taipei has lifted restrictions of foreign airfreight forwarders
- Singapore has put in place a five year plan to liberalise the banking sector, including removal of limits on foreign ownership.
- The Philippines has passed legislation allowing foreign retailers to operate in the domestic market.
Investment
- New Zealand raised the threshhold on non-land investments without requiring approval to NZ$50 million