APEC Economic Leaders in Vancouver emphasized their determination to advance the pace of trade liberalization in the region and globally. They endorsed action on early voluntary sectoral liberalization in fifteen sectors and directed Trade Ministers to finalize detailed targets and timelines for liberalization in nine sectors by June with a view to begin implementation in 1999. Consultations in APEC are continuing and APEC Trade Ministers are scheduled to meet in Malaysia in June with the hope of reaching final agreement.

PBEC believes that economies on the Pacific Rim have much to gain from the successful conclusion of the EVSL initiative in APEC this year. The APEC EVSL initiative will

• facilitate the expansion of trade and investment in the region which has been the foundation for the region’s strong growth and expanding prosperity in recent decades,
• build on the success of the ITA by providing Pacific Rim trade leadership that will serve as a catalyst for action in the WTO to further liberalize trade in key sectors, and
• demonstrate concretely to global financial markets the region’s enduring commitment to reform and liberalization, thereby helping boost confidence in the region’s economic stability and growth.

Convinced that trade and investment liberalization are beneficial to business and workers in the region, as well as to economic growth in the region and beyond, PBEC urges APEC Ministers and officials to redouble their efforts to conclude EVSL agreements at the APEC Trade Minister meeting in late June, and to move forward on the other six EVSL sectors as rapidly as possible.

Endorsed by the PBEC Steering Committee 05/24/98
Adopted by the PBEC Board of Directors 05/24/98