Summary of the 1998 APEC Ministerial MeetingsFact Sheet released by the Bureau of East Asian and Pacific AffairsU.S. Department of State, October 26, 1998 |
The Asia-Pacific Economic Cooperation (APEC) forum held six ministerial-level meetings in 1998. A summary of the results of the ministerials follows:
Finance Ministerial
The fifth APEC Finance Ministerial was held May 23-24 in Kananaskis, Canada. The two main goals of the meeting were to assess the financial crisis and formulate APEC's role in helping the Asia-Pacific region emerge from the crisis stronger and more resilient. After assessing the causes of the crisis, Finance Ministers endorsed the approach of the international financial institutions (IFIs) in addressing the crisis and welcomed the financial support they had provided. They also emphasized the crucial importance of maintaining macroeconomic stability, implementing deep structural reforms, and increasing transparency for the restoration of confidence and growth to the region. Ministers also consulted on efforts underway in the G-7, G-22, and the IFIs to strengthen the international financial architecture so as to reduce the risk of future crises and better respond to those that occur. Ministers expressed deep concern about the severe social impact of the crisis and emphasized the need for member economies and the IFIs to increase their support of social safety net programs. There was also a common recognition that weaknesses in domestic financial systems were a significant factor behind the crisis. Ministers reviewed progress within the APEC Finance Ministers' process to strengthen financial markets in the region, particularly work to improve training of financial supervisors and regulators, reform pension fund systems, and develop asset-backed securities markets. The Ministers agreed to continue their work in this area and to undertake new initiatives to support bond market development and improve corporate governance.
Small and Medium Size Enterprise (SME) Ministerial
The SME Ministerial was held September 7-8 in Kuala Lumpur, Malaysia. Ministers expressed continued support for trade liberalization and economic reform, despite the financial crisis. The United States stressed the need to assist SMEs, support current IMF efforts to alleviate the crisis, and continue efforts to reduce barriers to trade and investment. Ministers endorsed a somewhat amorphous Malaysian proposal for an "integrated plan of action," a set of ideas and goals for SME development that economies can implement independently and voluntarily. Private sector representatives meeting in conjunction with the Ministerial proposed a SME Task Force to participate and provide input into APEC's SME work.
Science and Technology Ministerial
APEC Ministers responsible for Science and Technology met October 21-22 in Mexico City, Mexico. Ministers recognized the growing role of science, engineering, and technology in promoting economic growth across APEC. The theme of the Ministerial -- fostering partnerships and networks for innovation -- underscored the idea that regional cooperative arrangements should not only promote intellectual synergy, but leverage resources and contribute to important changes across the region. Ministers approved the "Action Plan for IS&T Industry Cooperation in the 21st Century" which details public and private sector activities APEC can undertake to create a more technologically dynamic economy.
Trade Ministerial
APEC Ministers responsible for Trade met June 22-23 in Kuching, Malaysia. The Early Voluntary Sectoral Liberalization (EVSL) initiative, agreed to by Ministers and endorsed by Leaders at Vancouver last year, dominated the discussions. After much intensive deliberation, Ministers agreed on a framework for guiding the subsequent work, including end-rates and end-dates for tariff liberalization and product scope in eight of the nine "priority" economic sectors under consideration (the ninth, the Telecommunications Mutual Recognition Agreement, was completed in June). The nine sectors, to be presented in final form for Ministers' and Leaders' endorsement this November in Kuala Lumpur, are Chemicals, Energy, Environment, Fish, Forest Products, Gems and Jewelry, Medical Equipment, Telecommunication MRA, and Toys. They deferred until November a discussion of whether and how to move EVSL into the WTO.
Energy Ministerial
The third meeting of APEC Energy Ministers was held on October 9-10 in Okinawa, Japan. Ministers agreed that energy can play a strategic and catalytic role in the region's economic recovery and that open and efficient energy markets are key to renewed growth and prosperity and to the development of needed energy infrastructure. They endorsed the initiative to accelerate natural gas infrastructure development, which business also strongly supports. Ministers noted significant promise in the initiative for energy security, enhanced Foreign Direct Investment and development of new, energy-related industries. Ministers specifically agreed that this initiative should be presented to APEC Economic Leaders in November. Ministers also discussed the region's energy outlook, endorsed guidelines for improving energy efficiency and emphasized the role of energy technologies in reducing the growth of greenhouse gases.
Women's Ministerial
Delegates met in Manila, Philippines, on October 15-16 in response to a mandate from Leaders in 1997 directing APEC to "take specific steps to reinforce the important role of women in economic development" and to convene a ministerial to "take stock of the progress to date in involving women in APEC's agenda and to determine next step to integrate women into the mainstream of APEC activities." In Manila, ministers agreed on recommendations to present to Ministers and Leaders that emphasize three main points. First, APEC should place priority on the development of strategies to minimize any disproportionate impact of the financial crisis on women and on the integration of their interests into regional and domestic strategies for economic recovery. Second, gender-based analysis should be an integral component of APEC decisions, processes, and activities, and sex-disaggregated data collection should be promoted. Third, over the next year, an ad hoc Task Force should develop a "Framework for the Integration of Women into APEC" to ensure a comprehensive, sustained approach within APEC and accountability for results.
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