At the 30th APEC Ministerial Meeting (Photo: VNA) Hanoi (VNA) - The Asia-PacificEconomic Cooperation (APEC) forum on November 15 adopted new guidelines on thequality of infrastructure development and investment, with all 21 economies agreeingto take into consideration recipients’ ability to pay back loans for suchfunding.
JapaneseEconomy, Trade and Industry Minister Hiroshige Seko said after a meeting ofAPEC foreign and trade ministers in Papua New Guinea that the guidelinescall for openness, transparency, cost-effectiveness and fiscal soundness ofrecipients as international standards for quality infrastructure financing.
Theagreement comes at a time when countries such as SriLanka and Pakistanare saddled with massive debts after signing a series of big loan agreements,mostly from China.
The APECministers also affirmed the importance of upholding the free trade systemdespite concerns about US President Donald Trump’s “America First” tradepolicy.
They agreedto strengthen the role of the World Trade Organisation (WTO) as part of effortsto further promote the rules-based multilateral trading system.
Speaking toreporters separately, Foreign Minister Taro Kono said the ministers agreed tofurther liberalise trade and investment within the APEC economies.
During themeeting, Kono called for an early conclusion of negotiations for the RegionalComprehensive Economic Partnership (RCEP), a day after 16 members of the Asianfree trade agreement failed to reach the deal by a year-end deadline.
He underscoredthe significance of the Comprehensive andProgressive Agreement forTrans-Pacific Partnership (CPTPP), which is expected to come intoforce on December 30, saying the deal will help maintain and strengthen thefree trade system.
The meetingtook place before the APEC Economic Leaders’ Meeting slated for November 17-18in Papua New Guinea.-VNA
VNA
