APEC on track for regulatory cooperation

    Asia-Pacific Economic Forum ministers meeting in Honolulu committed to concrete actions to strengthen economic integration and expand trade, promote green growth and advance regulatory convergence to achieve economic growth in the region.
    The APEC region accounts for 55 percent of global Gross Domestic Product and represents 58 percent of U.S. export purchases. 
Ministers also reaffirmed their commitment through 2015 to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing measures inconsistent with World Trade Organization rules.
    Areas targeted for action include: improving supply chain performance by establishing de minimus values that exempt certain postal or express shipments from customs duties; promoting trade and investment in environmental goods and services; and strengthening good regulatory practices by ensuring internal coordination of rule-making, assessing the impact of regulations, and conducting public consultations in APEC economies.
    In line with APEC’s goal of achieving a 10 percent reduction in supply chain transaction costs by 2015, ministers endorsed a plan to build the capacity of nations to implement Authorized Economic Operator programs based on trade compliance and security standards set by the World Customs Organization.
    Ministers also said they would work to improve resiliency from disasters, including working with businesses to develop specific tools to help them prepare for natural disasters.