Canada supports idea of Asia-Pacific free trade zone: Emerson
Last Updated: Tuesday, November 14, 2006 | 5:38 PM ET
CBC News
The Canadian government could end up backing efforts to create a huge free trade zone joining 21 Pacific Rim countries, International Trade Minister David Emerson said Tuesday.
Emerson made the remarks to reporters on a conference call from Vietnam, where he is preparing for the Asia-Pacific Economic Cooperation (APEC) Summit that begins later this week.
"Certainly we are alive to it, we are interested in it," Emerson said.
"The Americans are, the Australians are; a number of countries are very intrigued by the prospect of some evolution of APEC into a substantial free-trade grouping."
Emerson said a WTO-led global trade deal would be the most preferable way to pursue a lowering of world trade barriers. But the current round of global trade talks — the so-called Doha Round — was suspended four months ago over the inability to reach agreement that would see rich countries reduce their agricultural subsidies.
Many expect the Doha round of talks will eventually collapse. If that happens, Emerson said he thinks APEC would likely be "the most attractive multilateral alternative simply because of the nature of the economies that you're dealing with, the kinds of growth and so on."
The 21 APEC countries include Canada, the U.S., China, Japan and other nations that border the Pacific Ocean. Together, they account for more than half of the world's GDP.
The APEC leaders attending this year's meeting are expected to issue a statement calling for a resumption of the Doha talks.
With files from the Canadian PressShare Tools
Top News Headlines
- Sopranos star James Gandolfini dies in Italy
- James Gandolfini, whose portrayal of a brutal, emotionally delicate mob boss in HBO's 'The Sopranos' helped create one of TV's greatest drama series and turned the mobster stereotype on its head, died Wednesday in Italy. He was 51. more »
- B.C. First Nation sets fires to save bison
- A First Nation band is reviving the age-old practice of controlled burning in order to improve the health of forests and restore the population of the wood bison in a corner of northeastern B.C. more »
- Canada buys rare War of 1812 collection for $573K
- The government of Canada was the winning bidder for a large collection of letters, maps and other papers that once belonged to Sir John Sherbrooke, the lieutenant-governor of Nova Scotia who conquered Maine for the British during the War of 1812. The collection sold for $573,000 at auction in London. more »
- Bob Rae quits as MP in 'very emotional' decision
- Bob Rae, who has represented the Toronto Centre riding for the Liberals since 2008, is stepping down as a Member of Parliament to devote more time to his work as a negotiator for First Nations in Northern Ontario. more »
Must Watch
Latest Business Headlines
- Orascom withdraws bid for control of Wind Mobile
- Orascom Telecom Holding has announced it is pulling back its bid to buy out Wind Mobile Canada founder and CEO Anthony Lacavera and acquire full control of the company, in which it already holds a 65 per cent interest. more »
- Poloz urges 'stability and patience' in 1st public speech
- In his first public remarks since being named governor of the Bank of Canada, Stephen Poloz said the central bank will keep its focus trained squarely on keeping inflation in check. more »
- World's wealthy richer than ever
- The investable wealth of the world's richest people reached a record high of $46.2 trillion US in 2012, a report by RBC Wealth Management and the consulting firm Capgemini has found. more »
- Talking Keystone, Redford says Canada and U.S. share energy values
- Alberta Premier Alison Redford says the United States and Canada share political and environmental values and must work together to become energy independent of those who do not. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12268.29 | -99.17 |
| DOW | 15112.19 | -206.04 |
| NASDAQ | 3443.20 | -38.98 |
| SP 500 | 1628.93 | -22.88 |
| TSX-VENTURE | 924.25 | -5.74 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
- Bob Rae quits as MP in 'very emotional' decision
- Sopranos star James Gandolfini dies in Italy
- Wearing a mask at a riot is now a crime
- 2 men jailed in Dominican wedding fight back in Canada
- B.C. teacher duct-taped students' mouths
- Obesity now recognized as a disease
- Dozens of children seized from Manitoba Mennonite community
- Half of First Nations children live in poverty
- Huge ancient city at Angkor Wat revealed by lasers

