Key Achievements from APEC Summit, Brunei, November 15-16

President Clinton, who initiated the annual APEC Economic Leaders Meeting in Blake Island in 1993, met with APEC Leaders for the last time in Brunei, November 15-16.  In a farewell speech to business leaders on November 15, the President praised APEC's success in spurring trade and investment liberalization in the region, emphasized the central role of the private sector in APEC's work, and called for continued efforts to reach the Bogor goals of free and open trade and investment in the region by 2010/2020.  He also strongly urged that the Leaders' meetings continue indefinitely.

In Brunei, President Clinton and the other APEC leaders endorsed an ambitious APEC agenda for the region in the areas of trade, investment, information technology, and social programs. Key achievements included:

• Agreement to finalize a negotiating agenda for the new WTO trade Round as soon as possible and launch the Round in 2001;
• Support for creation of a task force in Geneva to study how WTO rules apply to e-commerce;
• A robust action agenda for the New Economy to create more digital opportunity in the region, including a plan for public-private demonstration projects in specific areas of e-commerce to follow-up on APEC's Readiness work; a knowledge network incorporating private and public sector IT training opportunities and a project aimed at assuring use of legitimately licensed software in government offices;
• A multilateral Open Skies air services agreement among five APEC economies, the world's first such arrangement, which will be open to accession by all APEC members and nonmembers; 
• A statement of concern about the impact of high oil prices on Asian economic recovery and endorsed APEC actions to reduce the region's vulnerability, including a U.S.-sponsored program to encourage use of stockpiling;
• Agreement that APEC devise a strategy to address the problem of emerging infectious diseases, such as HIV/AIDS.

The meetings in Brunei capped a year in which APEC has made considerable progress in making it easier to do business in the region.  For example, APEC formed this year a new private-public chemical industry dialogue that will facilitate trade in this huge sector.  It agreed on new ways to harmonize and simplify rules on standard conformance for computers and peripherals, speeding trade in these products.  It developed a new electronic format that will make it easier for business to access and compare individual action plans of various APEC economies to help them make vital investment decisions.

The Brunei Leaders' meeting demonstrated APEC's vitality and leadership role, both regional and global.  The discussion of WTO issues at the Ministers' and Leaders' levels was substantive and contributed importantly to building a consensus for early launch of the new Round.  Leaders agreed that regional free trade agreements that were consistent with WTO and APEC goals could be building blocks to a stronger global trading system, and negotiations of FTAs between the U.S. and Singapore and between the U.S. and Chile promise to set a high standard for such arrangements in APEC.  Finally, APEC's new focus on IT, the first time Leaders have made this topic the centerpiece of their Declaration and discussions, puts APEC squarely in the front of efforts to assure that the gains from digital opportunity are spread as broadly as possible.

In his speech to CEOs, the President thanked the private sector for its ideas and "impatience, reminding us always that none of the commitments made at APEC mean anything if we don't follow them with actions."  He challenged business and government to modernize APEC economies by promoting e-commerce and IT, to keep opening markets, to improve transparency, to strengthen the rule of law, and to build strong social safety nets.  The U.S. looks forward to closely working with business and with China to help meet this challenge.

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