PRIVATE SECTOR URGES APEC LEADERS TO PUSH FOR FREE TRADE AGREEMENTS

       Business leaders have urged the Asia-Pacific Economic Cooperaion forum, a grouping of 21 economies, to push for free-trade agreements as a means of rvitalising the global economy.
       This will be akey proposal from Apec's private sector during the November summit of Apec leaders in Singapore.
       Apec's business leaders believe more FTAs will help ensure sustainable economic growth following the recovery of the global economy, because trade and investment barriers will be lowered among the members.
       This could be a new engine of would economic growth in the wake of the longdelayed conclusion of the World Trade Organisation's Doha Round of trade talks.
       Chong Siak Ching, Chairman of the Apec CEO Summit 2009's organising committee, yesterday said some businessmen were hopeless, due to the slowness of the Doha talks.
       "The Apec summit should therefore go for an emergency agenda by initiating the FTA talk as an alternative to help boost the world's economy," she said.
       An Apec FTA would create the world's largest free trade zone, accounting for 54 per cent of the world's GDP.
       It could be tentatively called the Trans-Pacific Strategic Partnership Agreement.
       The Apec leader's summit will be held on November 14, while the annual Apce CEO Summit will take place two days earlier, with more than 800 business leaders in attendance.
       Chong said an Apec FTA was expected to ensure trade openness, to lessen the protectionist trend in some of the member economies.
       The Apec CEO meeting will focus on the economic recovery and rebuilding following the US financial crisis, he said.
       It will be a great platform for network policy-makers and takers. It will increase collaboration between governments and the private sector not only among the 21 members, but also around the world, including observers like the Middle East and India.
       The meeting will address climate change and global warming. It will also take up some issues, including rising oil prices, the move to develop alternative energy, capacity building of small and medium-sized enterprises and increasing logistics and supply chains.
       As some countries have changed their leaders this year, the meeting will also act as a showcase for the world to learn the new agendas and prospects of those leaders, including US President Barack Obama and Japanese Prime Minister Yukio Hatoyama.
       President Hu Jintao of China will be a keynote speaker for the Apec CEO event, because his country has played a major role in driving global ecomic growth.