Media release
6 June 2004 - MVT43/2004
Structural Reform and Good Governance Vital for APEC Region
Australia's Trade Minister Mark Vaile today called on APEC ministers meeting in Pucón, Chile, to build a more secure and prosperous region by implementing structural reform and good governance practices.
Mr Vaile launched an Australian-prepared report on the Enforcement of Business Regulations and Commercial Laws in the APEC Region at the APEC Ministers Responsible for Trade meeting.
"APEC economies have improved commercial laws in recent years but legislation on its own is not sufficient to ensure investor confidence - those laws must be applied in practice through rigorous interpretation, implementation and enforcement by institutions, including the judiciary," Mr Vaile said.
"It is in the common interest of all APEC members to build a more secure and prosperous region and the implementation of structural reforms and good governance practices are key mechanisms to achieve this.
"Structural reform policies contribute to economic growth and prosperity, including better job opportunities, and more affordable and better choices of consumer goods and services."
The report, prepared by the law firm Allens Arthur Robinson and funded under Australia's aid program AusAID, highlights the importance of enforcing "black letter" laws, or legislation and written rules, in the APEC region. It draws upon the outcomes of seminars on enforcement in corporate governance and competition policy, held in Kuala Lumpur, Malaysia and Pucón, Chile, which attracted lawmakers and practitioners from across the region. These seminars highlighted the recent enforcement experiences of regulatory agencies and judiciaries in APEC economies and identified best practice enforcement models.
"Improving the enforcement of business regulation and commercial laws in APEC economies will enhance their economic legal infrastructure, provide greater confidence and certainty to the business community and investors, and ensure that the benefits of trade liberalisation and facilitation are maximised and sustained," Mr Vaile said.
"This report is another example of Australia's contribution to structural reform and good governance in the APEC region."
A copy of the report on the Enforcement of Business Regulations and Commercial Laws in the APEC Region can be downloaded at www.dfat.gov.au/apec.
Media contact: Matthew Doman (Canberra) +612 6277 7420.