APEC Leaders have delivered a strong, visionary Shanghai Accord during the APEC summit in Shanghai, Trade Minister Mark Vaile said today. 

"The Shanghai Accord forges a clear ambitious path for APEC in its second decade," Mr Vaile said.

"The global economy has been transformed since we established in Bogor in 1994 APEC's defining goal of free trade and investment by 2010 for developed economies and 2020 for developing economies. Today, 69% of goods enter APEC economies at tariff rates between 0-5 per cent, and 165 million people in the region have been drawn out of poverty through APEC's activities. 

"While trade liberalisation is at the core of APEC's efforts to improve standards of living in the region, it is clear that parallel reform is required in the areas of economic and corporate governance and facilitating development of the New Economy.  It is time to enshrine these issues in APEC's vision.

"The Shanghai Accord also brings renewed focus on accelerating implementation of APEC initiatives.

"APEC's second decade will be judged on its success in implementing its vision.  The Bogor Goal deadlines are only nine years away and today we have provided an injection of energy through our call for a plan to reduce trading transaction costs by five per cent over five years. 

"Importantly, we have also introduced 'pathfinder initiatives' into APEC.  These will allow small groups of APEC member economies to pursue ambitious initiatives and reform agendas without being delayed by the slowest or least reform-minded members.  This opens the way for APEC to demonstrate a new level of ambition."