Australia looking to APEC to help broaden trade links

In this story: Howard pushing for commitment to new U.S. president Group began with 12 members RELATED STORIES, SITES

Grant Holloway
CNN.com Writer

SYDNEY, Australia (CNN) -- Australia is expected to discuss broadening its trade ties with Singapore at the Brunei round of the Asia-Pacific Economic Co-operation forum being held this week.

Speaking in a television interview, Australian Prime Minister John Howard said he "wouldn't be surprised" if Australia discussed a bilateral trade understanding with Singapore.

RESOURCES What is APEC?

Australia and Singapore signed a memorandum of understanding in February last year aimed at increasing co-operation and trade between both countries information and telecommunications sectors.

Singapore is Australia's seventh largest trading partner, with $A8.2 billion of trade taking place last year.

While Australia is committed to urging APEC members to push for a new round of World Trade Organization talks on multilateral trade, Howard said he would take a "pragmatic" approach to doing trade deals.

Howard pushing for commitment to new U.S. president

"I have a very pragmatic view. You take what you can for the good of Australia, whether it's multilateral or bilateral," Howard said.

" É I have a very open mind and there is only one yardstick - will it benefit Australia? And if it benefits Australia, I'll grab it."

The Australian prime minister said the world push for freer trade required "a very strong renewed commitment from the next American president", and that multilateral trade talks were not moving as quickly as Australia would like. He said that historically, Republican administrations have had a slightly more out-looking view on trade.

Outgoing US President Bill Clinton will be attending the Leaders Meetings in Brunei which take place on Wednesday and Thursday.

"So I would hope that whoever takes over, that we'll have a more outward-looking face É we'll need that if we're to get the multilateral process moving again," Howard said.

Howard also said there was a need for Japan to understand the important role it had to play in promoting freer world trade.

Group began with 12 members

Meanwhile, APEC trade ministers began two days of meetings Sunday in Brunei. As part of that forum Australia's Trade Minister Mark Vaile released a report claiming to show that APEC's pursuit of open trade policies had helped improve economic and social conditions in the Asia Pacific.

"This research demonstrates that during the 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," Vaile said.

APEC began in 1989 with 12 countries with a goal of promoting open markets and globalization. In 1994 the organization met in Bogor, Indonesia, and set a target of free trade and investment in the region by 2010 for developed member economies and 2020 for developing countries.

Vaile said the research report, titled Open Economies Delivering to People: APEC's Decade of Progress, estimated that if the Bogor goals were reached, more than $A1 trillion would be added to the gross national product of the region.

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

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Asia-Pacific Economic Cooperation
International Monetary Fund
World Trade Organization
U.S. Department of Commerce
Dow Jones Newswires

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