[asia-apec 1660] Mark Vaile on APEC

[APEC Monitoring Group]

Sunday, November 12, 2000
Open Economies: APEC's Decade of Delivering
Trade Minister, Mark Vaile, today released a new report which shows that the open economic policies pursued by APEC members over the last decade have helped to improve economic and social conditions in the Asia Pacific region.

"This research demonstrates that during a decade in which APEC economies lowered trade and investment barriers, 195 million jobs were created and around 165 million people in the region have been lifted out of poverty," Mr Vaile said.

The report, titled Open Economies Delivering to People: APEC's Decade of Progress, was released by Mr Vaile on the first day of the APEC Joint Ministerial Meeting, in Brunei.

"Economies that embrace economic openness reap the biggest rewards and APEC has played a pivotal role in helping member economies pursue these policies.  The Open Economies report estimates that reaching APEC's Bogor goals of free and open trade and investment would add over A$1 trillion to regional GNP.

"It exposes the weak arguments of those who oppose efforts to open up markets.  Indeed, it demonstrates that such policies help solve many of the problems that concern the anti-globalisation lobby," Mr Vaile said.

The report shows that over the past decade APEC economies have generated nearly 70% of global growth; exports have increased by 113% to nearly A$5 trillion; and foreign direct investment in APEC economies has grown by over 200% - and by 475% in lower income APEC economies.

APEC comprises: Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, The Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russian Federation, Singapore, Chinese Taipei, Thailand, US and Vietnam.

 Contact:  John Kunkel in Brunei (08) 740 358; from Aust. (6738 740 358)