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Apec economies say web of FTAs will enhance WTO process
Bangkok, Oct 19: The proliferation of bilateral Free-Trade Agreements (FTAs) has sparked concern they are being forged at the expense of the World Trade Organization`s (WTO) efforts to revive deadlocked global trade talks.
Bangkok, Oct 19: The proliferation of bilateral
Free-Trade Agreements (FTAs) has sparked concern they are
being forged at the expense of the World Trade Organization's
(WTO) efforts to revive deadlocked global trade talks.
However, key member economies of the Asia Pacific
Economic Cooperation (Apec) grouping who are among the
strongest proponents of pursuing FTAs argued here that they
will complement the WTO rather than undermine it.
"No, it doesn't," Australian Trade Minister Mark Vaile said when asked whether the growing number of FTAs would hurt efforts to kickstart multilateral trade talks after last month's breakdown in Cancun, Mexico.
"It adds to the momentum and the energy in terms of trade liberalisation. If they can find bilateral partners that will move faster, that will provide greater opportunities for domestic industries to export, then they take a decision to move," he said at Apec ministerial talks here.
Australia has already sewn up an FTA with fellow Apec member Singapore this year and wants a similar accord with the United States if the two countries can resolve nagging agricultural issues.
Vaile had an ally in Japan's Foreign Minister Yoriko Kawaguchi who said FTAs would not detract from the WTO's role as the facilitator to get a new multilateral trading accord in place.
Bureau Report
"No, it doesn't," Australian Trade Minister Mark Vaile said when asked whether the growing number of FTAs would hurt efforts to kickstart multilateral trade talks after last month's breakdown in Cancun, Mexico.
"It adds to the momentum and the energy in terms of trade liberalisation. If they can find bilateral partners that will move faster, that will provide greater opportunities for domestic industries to export, then they take a decision to move," he said at Apec ministerial talks here.
Australia has already sewn up an FTA with fellow Apec member Singapore this year and wants a similar accord with the United States if the two countries can resolve nagging agricultural issues.
Vaile had an ally in Japan's Foreign Minister Yoriko Kawaguchi who said FTAs would not detract from the WTO's role as the facilitator to get a new multilateral trading accord in place.
Bureau Report