APEC ministers reach deal on statement

November 10, 2017

DA NANG, VIETNAM- Ministers of the Asia-Pacific Economic Cooperation forum member economies ended their extended meeting in Vietnam on Thursday with a broad agreement on a joint statement to summarize their two-day discussions.

In the statement, the APEC ministers will confirm their commitment to promoting free trade and investment and the importance of multilateral economic integration, sources familiar with the matter said.

Japanese trade minister Hiroshige Seko told a press conference that it is "a great achievement" that the APEC countries, including the United States, which, under President Donald Trump, prioritizes bilateral trade relations over multilateral frameworks, agreed to issue a joint ministerial statement.

Seko said that at the ministerial meeting he stressed Japan's proactive stance toward achieving regional rules for free and fair trade.

Details of the statement are being worked on by working-level officials.

Initially, the ministers were expected to conclude their talks, held in Da Nang, central Vietnam, on Wednesday and issue a joint statement.

Discussions at the ministerial meeting focused on efforts toward a regional economic integration, such as the Trans-Pacific Partnership, designed to promote multilateral free trade.

Japan, Australia and New Zealand sought cooperation for promoting multilateral free trade so that economies in the Asia-Pacific region can achieve sustainable economic growth.

According to sources with access to the ministerial negotiations, the United States stuck to its policy of prioritizing bilateral trade relations in a bid to reduce its trade deficits and remained cautious about a multilateral framework for trade liberalization.

Due to the difference of opinions between the United States and other members, the APEC ministers had difficulty in reaching a consensus on including the promotion of free trade in their joint statement, the sources said.

Vietnam, chair of the ministerial meeting, took the unusual move of extending the ministerial session by one day. Jiji Press