The Asian-Pacific Cooperation forum member countries’ leaders, meeting at a summit in the Chilean capital, Santiago, adopted a declaration, “A United Community is Our Future”.
The participating countries agreed to launch the Santiago initiative to expand trade in the APEC region. This initiative is based on two aspects – liberalising trade and investment conditions and facilitating trade.
The APEC countries’ ministers are to prepare recommendations on means of further liberalising trade and investment activity in the region in time for the next summit in 2005.
The declaration notes that facilitating trade and investment procedures will require countries to reduce “transaction costs for business circles by cutting back red tape”.
The declaration also contains an appeal to the World Trade Organisation member countries to support efforts to conclude promptly the rapid accession of Russia and Vietnam to the WTO.