Trade ministers from 21 Asia-Pacific nations yesterday agreed on a formula to be used to cut tariffs on non-agricultural products, organizers said.
The ministers attending the APEC forum adopted the so-called "Swiss formula" to calculate future tariff reductions in the non-agricultural market access (NAMA) field.
The agreement was a setback for developing countries who were pushing for a different method that was viewed as more tolerant of their higher protectionist tariff rates.
"This 2005 Jeju APEC meeting continues to follow the successful path of the recent meetings, by bringing to fruition a consensus on supporting [the] Swiss formula as the tariff-reduction formula," said South Korea's trade minister Kim Hyun-Chong, who chaired the two-day forum which ended yesterday.
"This achievement in NAMA will provide the much needed political impetus to the NAMA Doha negotiations," Kim said.
Differences over how to calculate future tariff cuts in non-agricultural products have emerged as a major stumbling block in the WTO's effort to come up with a viable plan by July.
The "breakthrough" is particularly positive for all WTO members as they prepare for the much anticipated WTO Ministerial Conference in Hong Kong in December, APEC said in a press statement.
Separately, Brunei, Chile, New Zealand and Singapore have agreed to create the first trans-Pacific free-trade agreement, officials said yesterday.
More than 90 percent of trade among the four countries will be duty-free after the pact takes effect next year, officials from the four countries said in a joint statement. The countries will sign the agreement at an unspecified later date.
The agreement will help build "a bridge between Latin America, the Pacific and Asia," the officials said.
The pact ``will encourage Brunei, Chile, Singapore and New Zealand to pool their expertise, ideas, technology and resources to improve their competitiveness on the global market,'' a statement from Singapore's the Ministry of Trade and Industry said.
Under negotiation since 2002, the agreement will also allow all four to compete with domestic suppliers for most government contracts, the statement said.
A car bomb killed a senior Russian general in southern Moscow yesterday morning, the latest high-profile army figure to be blown up in a blast that came just hours after Russian and Ukrainian delegates held separate talks in Miami on a plan to end the war. Kyiv has not commented on the incident, but Russian investigators said they were probing whether the blast was “linked” to “Ukrainian special forces.” The attack was similar to other assassinations of generals and pro-war figures that have either been claimed, or are widely believed to have been orchestrated, by Ukraine. Russian Lieutenant General Fanil Sarvarov, 56, head
SAFETY FIRST: Double the number of police were deployed at the Taipei Marathon, while other cities released plans to bolster public event safety Authorities across Taiwan have stepped up security measures ahead of Christmas and New Year events, following a knife and smoke bomb attack in Taipei on Friday that left four people dead and 11 injured. In a bid to prevent potential copycat incidents, police deployments have been expanded for large gatherings, transport hubs, and other crowded public spaces, according to official statements from police and city authorities. Taipei Mayor Chiang Wan-an (蔣萬安) said the city has “comprehensively raised security readiness” in crowded areas, increased police deployments with armed officers, and intensified patrols during weekends and nighttime hours. For large-scale events, security checkpoints and explosives
PUBLIC SAFETY: The premier said that security would be tightened in transport hubs, while President Lai commended the public for their bravery The government is to deploy more police, including rapid response units, in crowded public areas to ensure a swift response to any threats, President William Lai (賴清德) said yesterday after a knife attack killed three people and injured 11 in Taipei the previous day. Lai made the remarks following a briefing by the National Police Agency on the progress of the investigation, saying that the attack underscored the importance of cooperation in public security between the central and local governments. The attack unfolded in the early evening on Friday around Taipei Main Station’s M7 exit and later near the Taipei MRT’s Zhongshan
REBUFFED: In response to Chinese criticism over recent arms sales, Washington urged Beijing to engage in meaningful dialogue instead of threats and intimidation Washington’s long-term commitment to Taiwan would not change, the US Department of State said yesterday, urging Beijing to stop pressuring Taiwan and engage in meaningful bilateral dialogues. The remarks came in response to a backlash from Beijing about Washington’s latest approval of arms sales to Taiwan. The US Defense Security Cooperation Agency said in a statement on Wednesday that the Taipei Economic and Cultural Representative Office in the US has asked to purchase an arms package, including Tactical Mission Network Software; AH-1W helicopter spare and repair parts; M109A7 self-propelled howitzers; HIMARS long range precision strike systems; tube-launched, optically tracked, wire-guided missiles; Javelin
RSS