Economy

APEC: the highlights

SmartCompany /

Now that the APEC party is over, were the disrupted trade, parking, traffic and security hassles worthwhile? This is what was achieved:

  • On trade:

The leaders vowed to revive the Doha round of global trade talks.

  • On economic reform:

Member countries will look at “behind the borders” economic restrictions and work towards more integrated regional financial markets.

  • On the environment:

The Sydney Declaration on Climate Change was signed, raising hopes that a United Nations meeting in Bali in December will develop broader consensus. There was agreement on the need for an aspiration goal for emissions reduction, better forest protection and development of technology.

  • On security:

Talks with India, the US and Japan will be upgraded to include security, which is reportedly worrying China.

  • On new members:

India’s attempt to join the summit was rebuffed.

  • Deals announced:

The largest single resources deal in Australia’s history. The $45 billion sale will see Perth-based Woodside Petroleum deliver two to three million tonnes of LNG per year to Chinese giant PetroChina for 15 to 20 years.

A memorandum of understanding was signed with China to prevent the exploitation of Chinese workers under the s.457 temporary skilled migrant visa scheme.

Australia and the US have signed a treaty, making it easier for local companies to buy and sell military equipment to the US

  • The rest:

The leaders wore Driza-Bone coats in front of the Sydney Opera House for the official photo shoot.

John Howard got upstaged by Kevin Rudd with his proficiency in Mandarin.

Advertisement
SmartCompany

SmartCompany is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.

We Recommend

FROM AROUND THE WEB