[asia-apec 675] SOM Press Release (3 of 3)

[PAN Asia Pacific]

APEC SECRETARIAT PRESS RELEASE 32/98
1530 Hours, 15 SEPTEMBER 1998
KUANTAN, MALAYSIA

PRESS BRIEFING BY MR ABDUL RAZAK RAMLI,  
APEC SOM CHAIR 1998,
MALAYSIA

1.The Meeting discussed the following issues on its final day:
financial instability, electronic commerce, and organizational issues.

2.On financial stability, the meeting was updated on recent economic
developments in member economies. Members also discussed the APEC
initiative on economic governance capacity building, which is aimed
at strengthening economic governance capacity building initiatives
and demonstrating an APEC effort in responding to the crisis. This
initiative is in addition to the important measures already
undertaken under the Finance Ministers process to strengthen regional
financial infrastructure and to improve capacities. The meeting also
stressed the need to expand the scope of discussions to the social
impact of the crisis and the need for social safety nets.

3.With regard to electronic commerce, APEC has agreed to a work
program to promote the use of electronic commerce in member
economies. Capacity building measures will be a strong feature of
this work programme, particularly the promotion of its use among
SMEs. Another focus will be the public sector’s use of electronic
commerce towards developing a paperless trading system. APEC is
also looking into assisting members in dealing with the issue of
the Y2K problem. 

4.Senior Officials had a very fruitful discussion on the review of
the APEC management process. Several recommendations were agreed
upon for further consideration by Ministers in November, with a
view towards strengthening and streamlining the APEC process. There
was a general agreement that the APEC process could be made more
manageable to enable effective participation by all economies,
particularly, by those smaller economies with resource constraints.
The review will also stress the need for outcomes and deliverables
in APEC.