APEC Ministers Agree on Infrastructure Development Guidelines

November 16, 2018

Port Moresby--Ministers from the Asia-Pacific Economic Cooperation forum agreed Thursday on new guidelines to promote high-quality infrastructure development in the region.

The guidelines were crafted as an apparent effort to counter China's excessive infrastructure investment in developing countries that leave them saddled with massive debts.

The guidelines have four principles, including ensuring the fiscal health of developing countries that receive infrastructure investment.

This is the first agreement on infrastructure development that included China, Japanese trade minister Hiroshige Seko said.

The APEC ministers, meeting in Port Moresby, the capital of Papua New Guinea, also agreed on the need to reform the World Trade Organization to promote free trade.

The outcome of the ministerial meeting will serve as the basis of discussions at a two-day summit of APEC leaders set to start on Saturday.

The ministers failed to compile a joint declaration that will sum up their discussions due to differences over trade. Jiji Press