APEC Agrees to Avoid Trade War: INDONESIAN TRADE MINISTER

25/11/2008 12:00 - 691 Views

JAKARTA, Nov 21 Asia Pulse - Indonesian Trade Minister Mari Elka Pangestu said APEC (Asia-Pacific Economic Cooperation) member countries had agreed to avoid trade war (protectionism) which would worsen the ongoing global financial crisis.

"We agree not to increase the action which can obstruct trade," Pangestu said.

The government will not issue an import ban without clear-cut reasons, she said, but will always support the national interest if there is a dumping case of imported products.

"If we uncover dumping case, we can investigate it and impose the Anti-Dumping Import Duty. We will keep our action to save the market," said Pangestu.

The leaders of APEC member countries do not want the over protectionism like in the economic crisis in 1930, she said.

"At that time all the countries limited their imports by increasing the anti-dumping import duty to protect industries. When one country raised its anti-dumping import duty, the other countries would give a reaction. Trade will then to a halt and the recession will worsen," said Pangestu through a teleconference from Peru.

The policy to protect the market has to refer to the World Trade Organization's regulation to avoid a trade war.

"Trade has to be fair and legal," she added.

Pangestu also said the impact of the global financial crisis has to be minimized by reforming the world's financial infrastructure and the improvement of fiscal policy besides efforts to maintain consumption.

The government also will pay special attention to the needy, and those who suffered from the impact of the crisis.

Moreover, the governments of the APEC member countries have to keep the market open by avoiding the implementation of new protectionist policies.

All the APEC ministers started their 20th APEC Ministerial Meeting in Lima, Peru on Wednesday (Nov 19) before proceeding with the APEC Summit on November 22 and 23.

The meeting discusses some important issues of global regional importance.

"The three main issues which turned up on the first day of the meeting were about APEC's support to the completion of the multilateral trade system discussions (Doha Round), the handling of the global financial crisis and the regional economic integration," Pangestu said.

(ANTARA)

Friday November 21, 8:22 AM

Source: asia.news.yahoo.com
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