In calling for this meeting 30 years ago, Ministers called for a meeting of ministers concerned with trade policy to review the results of the Uruguay Round and its implications for the region as well as next steps. [...] We have seen multiple forecasts warning of the costs of its breakdown, we add our voices to this chorus noting that three out of the top 5 risks to growth for their economies selected by respondents in our annual survey on the State of the Region were: geo-economic fragmentation; slower world trade; and increased protectionism. [...] Moreover, respondents also placed support for the multilateral trading system as the 5th top priority for APEC Leaders to address when they meet in November, alongside other major concerns dealing with the geopolitical and trade conflicts in the region and supply chain resilience. [...] If we go back in history there is the work it did to facilitate consensus on the Information Technology Agreement, and then more recently it is not too far a stretch to say that APEC’s work under the Services Competitive Roadmap and the APEC Non-binding Principles for Domestic Regulation of the Services Sector built the pathway for the Joint Statement Initiative on Services Domestic Regulation. [...] These are among the issues that need to be addressed as we move forward on trade projects such as the Free Trade Area of the Asia-Pacific.
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- Singapore
