Santiago, May 24, 1998 - At its 31st International General Meeting (IGM) in Santiago, Chile, the Pacific Basin Economic Council (PBEC) today adopted a statement voicing its strong support for APEC Early Voluntary Sectoral Liberalization (EVSL), as called for by APEC leaders in 1997. PBEC is confident that the EVSL will facilitate the expansion of trade and investment in the region, build upon the success of the Information Technology Agreement (ITA), and demonstrate the region’s enduring commitment to reform and liberalization to the global market.

PBEC urged APEC Ministers and officials to redouble their efforts to conclude EVSL agreements at the APEC Trade Minister meeting in late June. PBEC believes that the EVSL will also provide the Pacific Rim the trade leadership necessary to catalyze action in the World Trade Organization (WTO).

PBEC’s annual IGM is an opportunity for the region’s foremost corporate executives to gather with other international leaders to discuss, in a frank and intimate setting, the key issues in the regional economy, and to issue policy recommendations and statements. The IGM typically includes major addresses given by heads of government, government ministers, leaders of prominent international organizations, and senior executives of some of the largest corporations of the region. Chilean President Frei delivered the opening address.

PBEC, an association of senior business leaders representing more than 1,100 major corporations in 20 economies around the Pacific account for more than US$ 4 trillion in global sales and employ more than 10 million people. The unprecedented scope of PBEC’s membership constitutes a broad and balanced reservoir of international business knowledge, unmatched in credibility and expertise. PBEC recently celebrated its 30th anniversary, making it the Asia Pacific’s most senior business organization. PBEC is the voice of business in the Pacific.

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