APEC ministers call for recovery aid, fishing restrictions, farms, fuel aid

By David Lawder, David Brunnstrom and Praveen Menon

WASHINGTON / WELLINGTON (Reuters) – Pacific Rim trade and foreign ministers pledged to halt the resurgence of the coronavirus pandemic on Tuesday as they discuss talks to reduce subsidies for fishing and agriculture at the next World Trade Organization meeting.

Ministers from 21 countries of the Asia-Pacific Economic Cooperation (APEC) said in a statement issued after a virtual https://www.apec.org/meeting-papers/annual-ministerial-meetings/2021/2021-apec-ministerial-meeting. at the meeting, there were large differences in the recovery within economies and economies, leaving downside risks.

“We need to sustain our economic recovery through continued policy support measures while maintaining financial stability and long-term fiscal sustainability,” the ministers said.

They also said they would facilitate trade in medical supplies to combat COVID-19 and work voluntarily to reduce the cost of vaccines and related goods. They pledged to support the WTO negotiations on a temporary waiver of intellectual property protection for COVID-19 vaccines.

The ministerial meeting is part of a series of weekly APEC talks that culminate in a Friday-Saturday summit, organized entirely online by New Zealand, a country with tough measures to control a pandemic that has kept borders closed to almost all passengers for 18 years. months.

Although New Zealand has stressed APEC support for efforts to promote critical medical supply chains and decarbonize economies, tensions are expected for Taiwan’s self-government to enter into a regional trade pact in which China also wants to join and the US offer. Round of AP23 meetings in 2023.

New Zealand Foreign Minister Nanaia Mahuta told reporters at a press conference in Wellington that there is still no agreement on which country APEC will host in 2023, despite the US bid.

The bid for China and Taiwan to join the Comprehensive and Progressive Agreement on Pacific Relations (NYSE 🙂 was not a key part of the talks, New Zealand Trade and Export Growth Minister Damien O’Connor told a conference.

Taiwan has said it wants to use the APEC meeting to get support for the offer to join the CPTPP, and China, while applying to join the treaty, is opposed to joining Taiwan.

“As a forum for trade and economics, all economies were welcome to move more and reduce trade barriers. The CPTPP stipulates this, but membership applications mean that these applicants will ultimately need to examine the standards needed to become members and be accepted,” he said. O’Connor.

OPENING JOURNEY

With many of the region’s economies dependent on tourism, APEC ministers said they would work to ensure safe travel in the region, “achieving tangible results in 2022”.

The trade-focused team said officials will work to promote the right trade and investment environment and “ensure that our trade and investment environment is free, open, fair, discriminatory, transparent and predictable.”

APEC ministers said they would attend the 12th WTO Ministerial Meeting (MC12) in late November to modernize trade rules and deliver accurate results. The WTO countries were asked to negotiate effective reductions in fisheries subsidies at a meeting in Geneva.

“At Mc12 we recognize the need for a meaningful outcome on agriculture, reflecting our collective interests and sensitivities, with the aim of achieving significant progressive reductions in aid and protection,” the ministers said in line with previous WTO orders.

On climate issues, ministers said they would try to speed up efforts to rationalize and eliminate “inefficient fossil fuel subsidies that encourage unnecessary consumption,” a goal agreed by APEC leaders in 2010.