08:30 | Arequipa (Arequipa region), May. 16.
The move towards greater economic integration in the Pacific Rim has received an added boost with a new USD700,000 donation from the Republic of Korea to the APEC Trade and Investment Liberalization and Facilitation Account, the APEC Secretariat affirmed.
The voluntary contribution will help to fund APEC projects that strengthen the technical bandwidth of the region’s diverse member economies to deliver next generation trade and growth, and open up economic opportunities for more people.
Officials from Korea’s Ministry of Foreign Affairs and the APEC Secretariat signed a Memorandum of Understanding confirming the arrangement following a policy development meeting of APEC Senior Officials in Arequipa on Sunday, building on a cluster of technical working group discussions over the preceding ten days. The contribution will help to fund projects during the balance of 2016, executed through APEC’s working groups. They include those initiated by APEC Trade Ministers who will convene here on Tuesday and Wednesday intent on fostering a new era of cross-border trade that improves job creation and productivity in the region.
“APEC’s integration agenda continues to bring people and markets in the region closer together," said Dr. Alan Bollard, Executive Director of the APEC Secretariat in Singapore, which administers APEC projects mandated by Leaders and Ministers.
“Korea’s additional contribution will support the implementation of measures that take advantage of deepening regional ties to drive trade and growth that benefit more people,” he added.
APEC provides funding for around 100 projects annually, with more than US$9.00 million available in 2015. Examples include technical exchanges, training and research that help member economies take forward new integration initiatives, tackle complex behind-the-border barriers to trade, improve supply chain performance and facilitate small business participation in them.
(END) MVB
Published: 5/16/2016