And we want to see Australia become, after Tokyo, the second great financial centre of the Asia Pacific region. Significantly, Australia has already moved up from 18th to 15th in the annual world competitiveness ranking released last week by the International Institute for Management Development in Switzerland. And our ability to trade with the world hinges on effective waterfront reform. The Importance of Continuing Liberalisation Finally, in the current regional and global climate, we must be alert to any resurgence of protectionist sentiment. Free and open markets are good - not just for Australian exporters and Australian jobs, but for the economic health of the region and the world.
Trade liberalisation is a 'win-win' situation.
At the multilateral level, I will be attending the World Trade Organisation Ministerial Conference in mid-May in Geneva. Regional arrangements such as APEC, which seek to free up trade on a non-discriminatory basis, can act as a catalyst and building block for global trade liberalisation. We had a very good discussion earlier this afternoon about what APEC is doing to contribute to regional economic growth and welfare. Conclusion As a closing thought, I want to underline the high value that Australia places on the work of the APEC Business Advisory Council, and the contribution that our own business community can make through the APEC Business Forum. The experience, knowledge and insight that you bring is only growing in importance as APEC helps economies in the region come to grips with the new challenges I have been speaking about this evening.