106TH CONGRESS

1ST SESSION S. CON. RES. 48

CONCURRENT RESOLUTION

Whereas the Asia-Pacific Economic Cooperation (APEC)

Forum was created ten years ago to promote free and

open trade and closer economic cooperation among its

member countries, as well as to sustain economic growth

and equitable development in the region for the common

good of its people;

Whereas the twenty-one member countries of APEC account

for 55 percent of total world income and 46 percent of

global trade;

Whereas APEC leaders are committed to intensifying regional economic interdependence by going forward with

measures to expand trade and investment liberalization,

pursuing sectoral cooperation and development initiatives,

and increasing business facilitation and economic and

technical cooperation projects;

Whereas a strong international financial system underpins

the economic success of the region;

Whereas, given the challenges presented by the financial crisis, APEC leaders last year pledged to work together in

improving and strengthening social safety nets, financial

systems and capital markets, trade and investment flows,

corporate sector restructuring, the regional scientific and

technological base, human resources development, eco-
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SCON 48 ES

nomic infrastructure, and existing business and commercial links for the purpose of supporting sustained growth

into the 21st century;

Whereas the outstanding leadership of New Zealand during

its year in the APEC Chair has produced a series of important themes for the annual APEC Leaders meeting in

Auckland, New Zealand on September 12–14, 1999,

including—

(1) expanding opportunities for private sector businesses through the reduction of tariff and nontariff barriers;

(2) strengthening the functioning of regional markets, with a particular focus on building institutional capacity, making public and corporate economic governance

arrangements more transparent, and guiding regulatory

reform so that benefits of trade liberalization are maximized; and

(3) broadening support for and understanding of

APEC goals to demonstrate the positive benefits of the

organization’s work for the entire Asia-Pacific community;

Whereas the unique and close partnership between the public

and private sectors exhibited through the APEC Forum

has contributed to the successful conclusion of the GATT

Uruguay Round and agreement over other multilateral

trade pacts involving information technology, telecommunications and financial services;

Whereas APEC member countries have provided helpful momentum, through active consideration of the Early Voluntary Sectoral Liberalization plan, to the next round of

multilateral trade negotiations scheduled to begin later
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SCON 48 ES

this year at the Third WTO Ministerial Meeting in Seattle, Washington; and

Whereas the APEC leaders have resolved to achieve the ambitious goal of free and open trade and investment in the

region no later than 2010 for the industrialized economies and 2020 for developing economies: Now, therefore,

be it

1 Resolved by the Senate (the House of Representatives

2 concurring),

3 SECTION 1. SENSE OF CONGRESS.

4 It is the sense of Congress that Congress—

5 (1) acknowledges the importance of greater eco6 nomic cooperation in the Asia-Pacific region and the

7 key role played by the Asia-Pacific Economic Co8 operation (APEC) Forum;

9 (2) urges the administration fully to support

10 the APEC forum and work to achieve its goals of

11 greater economic growth and stability;

12 (3) calls upon the administration to continue its

13 close cooperation with the private sector in advanc14 ing APEC goals; and

15 (4) expresses appreciation to the Government

16 and people of New Zealand for their exceptional ef17 forts in chairing the APEC Forum this year.
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SCON 48 ES

1 SEC. 2. TRANSMITTAL OF RESOLUTION.

2 The Secretary of the Senate shall transmit a copy

3 of this resolution to the President and the Secretary of

4 State.

Passed the Senate August 5, 1999.

Attest:

Secretary.
106TH CONGRESS

1ST SESSION S. CON. RES. 48

CONCURRENT RESOLUTION

Relating to the Asia-Pacific Economic Cooperation

Forum.