The 1st Asia-Pacific Economic Cooperation (APEC) Senior Officials’ Meeting (SOM) for 2008 was held inLima, Peru, from March 2 to 3. 21 representatives from its member countries attended the meeting. DeputyTrade Minister Cho Tae-yul of the Ministry of Foreign Affairs and Trade headed the Korean delegation.
According to Foreign Ministry, There were discussions on this year’s agenda items including regional economic integration such asthe establishment of a Free Trade Area of the Asia-Pacific (FTAAP), structural reform, economic andtechnical cooperation, reform of the APEC and the Corporate Social Responsibility (CSR).
The specificsfor the APEC Summit Meeting to be held in Lima in November this year were agreed on.
'The representatives of the member states of the APEC shared the understanding that Doha
Development Agenda (DDA) should be settled at an early stage and reached an agreement on
strengthening cooperative ties through diplomatic channels in Geneva so as to promote substantial
progress in the Geneva Process' Foreign Ministry said.
During the discussion on structural reform, the Korean delegation explained how Korea overcame
the financial crisis in 1997 and shared the lessons we learned from the process. With regard to the
APEC Ministerial Meeting on Structural Reform slated for August 2008 in Melbourne, Australia, the
Korean delegation also expressed the willingness to share the experiences of Korea’s structural
reform. It also drew attention from the regional players on the new administration’s policies to ease
regulations over companies, stressing its focus on creating a business-friendly environment.
During the 1st APEC Senior Officials’ Meeting (SOM), the review sessions of Individual Action Plan (IAP)for the United States, Canada and Peru were carried out. The Korean delegation presented the concernsof domestic industries of Korea on the trade environment of the three countries and discussed how toaddress them. The delegation also enhanced its status in the APEC by presiding the review sessionof IAP for the United Sates.
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