APEC STILL RELEVANT TO MALAYSIA

SINGAPORE, Nov 11 (Bernama) -– The Asia-Pacific Economic Cooperation (Apec)
grouping is still relevant and important to Malaysia as it is a source of large
trade and investments, said the Minister of International Trade and Industry
Mustapa Mohamed.

As such, Malaysia as a small but major trading nation in the world,
considers it important to forge good relations with members of the grouping and
especially between Prime Minister Najib Tun Razak and the other
leaders of Apec.

According to him, Najib's presence at the Apec economic leaders meeting this
weekend is very important, as he is participating for the first time since
becoming the Prime Minister.

Although the country gave priority to Asean, Apec too was important and
relevant to Malaysia, said Mustapa in response to questions from reporters on
arrival here Tuesday night.

He will attend the Apec Ministerial level meeting starting Wednesday.

He said that at every Apec meeting,there would be a CEO Summit attended by a
number of the world's top corporate leaders and it was an excellent platform for
the Prime Minister to meet with them and discuss the investment situation in
Malaysia.

Mustapa said since the establishment of Apec 20 years ago, much success had
been achieved by the grouping, including reducing the cost of doing business.

He cited as an example, the cost of forming a company which usually took a
long time and involved a high expenditure.

He said that Apec had succeeded in reducing the business cost among its
economies by as much as five per cent from five years ago.

From next year, he added, it would be reduced by a further five per cent.

He also stated that from 2015, Apec has target to reduce the business cost
by 25 per cent, making the total cost reduction over ten years to 35 per cent.

The Minister explained that it was important to reduce the business cost as
if it was high, efforts to enhance business among its members would be affected.

He said that it was important for Apec to build the ability of its members
who are less developed through technical and economic cooperation to bridge the
gap with those who were developed.

According to Mustapa, the Apec meeting this time will be used by the
regional economic leaders to gauge just how far it had succeeded since its
formation in 1989.

Apec was formed with the aim of making the region a free and open trade area
by the latest, 2020.

Mustapa said that Apec is a stage for heads of governments to share views on
trade and the current economy.

Malaysia, he added, would use the meeting to seek the views of members on
the state of the economy which is showing signs of recovery.

He also said that it would be used by member countries to gain insights into
the Doha Development Round, aimed at reducing trade tariffs and non-tariff
barriers.

He said that Malaysia wanted to see the Doha initiative achieve success next
year.

Also to be touched upon at the meeting this time, is the development of
small medium enterprises (SMEs), which are getting increasing attention from the
Apec economy.

Mustapa also said that at the 21st Apec meeting in Japan next year,the SME
sector would be given specific focus and Malaysia will take the opportunity
to mine the experience of Japan and Korea which have strong SME sectors.

-– BERNAMA