Most of the 18 member economies of the Asia-Pacific Economic Cooperation forum have presented their respective proposals for market-liberalization talks in more than 50 specific industrial sectors, government sources said July 24.
The United States, the staunchest proponent of further trade liberalization within the Pacific Rim, has proposed market-liberalization talks in several sectors, including chemicals, oilseeds, energy-related equipment and environment-related technology and services, the sources said.
The sources said Japan has proposed eight sectors for liberalization talks: Environment-related equipment, rubber and rubber products, scientific equipment, transport equipment, fertilizer, investment, film and musical instruments. Earlier this year, APEC members set a July 15 deadline for nations to submit their respective proposals for liberalization talks in specific industrial sectors.
Canada, which will host the APEC leaders' fifth annual summit in Vancouver, British Columbia, in November, has proposed such sectors as civil aircraft and associated products, beer, environment-related equipment and services, fertilizer, oilseeds, and paper and paper products, the sources said. China has proposed three sectors, including toys and bicycles, and Hong Kong, which returned to Chinese sovereignty July 1, has also proposed toys, among other items, according to the sources.
Sectoral liberalization is expected to be a main topic at the Vancouver summit, along with a review of the individual action plans of each APEC member. The plans specify how each intends to reach the APEC goal of free trade and investment by 2010, for industrialized economies, and by 2020 for developing economies. But it remains uncertain whether any agreement for liberalizing certain areas will be reached.