Prime Minister Welcomes Results of APEC'97

Prime Minister Jean Chrétien today welcomed the results of the fifth Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting, which Canada chaired in Vancouver on November 24-25, 1997.

"Canadians can be proud of what we have achieved as chair of APEC this year. We have advanced freer trade and economic cooperation in ways that will help secure future prosperity and stability in the region," said Prime Minister Chrétien. "We have also helped create more opportunities to invest in and consolidate partnerships with people, including women, youth, small business, labour and academics."

Major results for 1997 discussed at the APEC Economic Leaders' Meeting include agreement to:

- liberalize trade in 15 sectors, with work beginning on nine sectors--including areas of particular interest to Canada, such as environmental goods and services, forestry products and fish--in 1998, and implementation starting in 1999;
- implement the Manila Framework to enhance cooperation to promote financial stability;
- work towards a successful conclusion of World Trade Organization negotiations on financial services by the agreed deadline of December 12, 1997;
- harmonize and simplify customs clearances by the year 2000;
- focus work on developing human resources and harnessing technologies of the future;
- assess the full impacts of trade liberalization, including its positive effects on growth and employment, and to assist members in managing associated adjustments;
- implement the Sustainable Cities Program of Action, which includes initiatives to encourage investment in environmentally sound infrastructure and community education;
- endorse the Vancouver Framework for Enhanced Public-Private Partnerships for Infrastructure Development, which will guide efforts to increase investment and partnerships in infrastructure development in the region;
- initiate work on emergency preparedness;
- intensify work on electronic commerce, science and technology and human resources development;
- work towards a successful outcome of the Third Conference of the Parties in furthering the objectives of the United Nations Framework Convention on Climate Change;
- broaden APEC engagement with all sectors of society with particular focus on young people, academics, workers and business, especially smaller business;
- establish the APEC Education Foundation, the APEC Youth Skills Camp and the APEC Youth Science and Technology Festival to be held in 1998, and an APEC Education Hub, which will include the granting of scholarships to students;
- hold a Ministerial Meeting on Women in 1998 in Manila and a Ministerial Conference on Education in 1999 in Singapore.

They have welcomed Peru, Russia and Vietnam as new members and agreed on a ten year period of consolidation after which membership issues will be considered further.

"This has been a very important year for Canada as a Pacific nation. It has presented an unprecedented opportunity to strengthen our trade, cultural and people-to-people ties in this important region," said the Prime Minister. "I am confident that we will reap the benefits for years to come."

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