[asia-apec 676] SOM Press Release (2 of 3)

[PAN Asia Pacific]

APEC SECRETARIAT PRESS RELEASE 31/98
1800 Hours, 14 SEPTEMBER 1998
KUANTAN, MALAYSIA

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

1.The meeting discussed two agenda items today, namely the report of
the Economic Committee and the Early Voluntary Sectoral
Liberalization (EVSL) initiative. 

2.The meeting heard a report from the Chair of the Economic
Committee (EC). A major task of the Economic Committee is the
publication of the annual Economic Outlook. The preparation of this
year’s Outlook, coordinated by the People’s Republic of China, has
been challenging, in view of the financial crisis and the several
revisions made to the forecast on economic growth. This year’s
Outlook will have a special feature on economic trends in the
region, with a review of the current thinking on the causes and
consequences of the Asian financial crisis. The Outlook would be
ready for the Ministerial/Leaders meeting in November. 

3.The EC also reported on the recommendations which will be made to
Leaders in November on joint actions regarding the Impact of
Expanding Population and Economic Growth on Food, Energy, and
Environment (FEEEP). These joint actions would be in the areas of
research and development, investment in infrastructure and trade. 

4.The meeting also heard the outcome of the Public –
Business/Private Sector Dialogue on the Infrastructure that was
held in Chinese Taipei in May this year. The work in this area will
focus on developing an agenda on investment in infrastructure. This
work is particularly relevant to economies affected by the crisis
as it helps to ensure that investment in this area remains
significant despite the economic downturn. 

5.On the preliminary discussions on EVSL, progress has been made
towards finalizing the sectoral arrangements on the basis of the
agreement reached by Trade Ministers in Kuching. Some more work on
energy and environment needs to be carried out before we have a
complete package. The final package would be endorsed by the
Ministers in November.