It I 8 3/ 93
STATIMNT BY THE PRIME MINISTER, THE HON P J ] KEATING XP
PROPOSED METING OF APEC LM~ ERS IN1 SEATTLE
Australia warmly welcomes the announcement by
President Clinton in Tokyo today that he proposes hosting
an APEC Leaders Economic Meeting in Seattle this
November. it is intended that the meeting will discuss
economic development and trade liberalisation in the
Asia-Pacific region.
In recent days, President Clinton has been consulting
other APEC leaders about the proposed summit meeting.
I have already written to him welcoming the proposal and
pledging Australia's firm support. I advised him I will
attend the leaders meeting if it goes ahead on the basis
proposed. Australia believes the Asia-Pacific Economic Cooperation
or APEC process offers an historic opportunity to promote
the economic integration of the Asia-Pacific region in a
way that serves the interests of all members and is
compatible with a sound multilateral trading system.
The current members of APEC are the United States,
Canada, Japan, the Republic of Korea, China, Taiwan, Hong
Kong, the six ASEAN countries, Australia and New Zealand.
APEC economies account for half the world's output and
per cent of world exports.
Since 1989, an APEC Ministerial Meeting has been held on
an annual basis to promote an agenda of economic
cooperation anid trade liberalisation. This November, the
annual Ministerial Meeting is scheduled to take place in
Seattle and is expected to consider a trade and
investment. -framework -agreement and an action agenda of
trade-liberalising measures. Australia has been active
in helping define an effective role and agenda for APEC.
There were very positive reactions in Washington and
other APEC capitals to the proposals set out in my speech
of 8 February 1993 for APEC to take a lead in creating an
Asia-Pacific economic community through measures such as
the harmonisation of standards and trade and investment
rules. Since April last year, Australia has advocated the
establishment of a process of periodic meetings of APEC
leaders to increase the statue and authority of APEC.
2
We, 0 therefore, warmly welcome President Clinton-s
invitation to attend an APEC Leaders Meeting in Seattle
following the Ministerial Meeting. If the summit meeting
goes ahead on the basis proposed, it will be the f irst
step in an important process to ensure that APEC achieve.
its great potential for economic integration in the
Asia-Pacific region.
CAN4BERRA 7 July 1993