Prime Minister Notes Results of APEC 1998 November 18, 1998 Kuala Lumpur, Malaysia Prime Minister Jean Chrétien today welcomed the fact that APEC Leaders have reaffirmed their commitment to liberalization of trade in Asia-Pacific, despite the difficult financial situation faced by the region. The Prime Minister made his comments at the conclusion of the Asia-Pacific Economic Cooperation forum in Kuala Lumpur, Malaysia. "Despite financial instability and the temptation to retrench, leaders and senior officials from 21 diverse economies have come together here in Kuala Lumpur and agreed that trade liberalization, open markets and cooperation are still the best ways of ensuring prosperity and a better quality of life for our people," said the Prime Minister. "It is true that we had hoped to do more this year within APEC on sectoral liberalization, but I believe the decision to finalize this work within the World Trade Organization is a good solution." The 1998 APEC Economic Leaders Meeting focussed on strengthening the foundations for growth, including social safety nets, financial systems, trade facilitation, investment and human resources. The Prime Minister noted that leaders had fully discussed the financial aspect of the crisis, including the issue of short-term capital flows. "We have developed a good game plan on the financial side as well as one that addresses the human face of the crisis," said the Prime Minister.
Key results of the meeting include:
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