[Congressional Record Volume 145, Number 106 (Monday, July 26, 1999)]
[Senate]
[Page S9236]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




SENATE CONCURRENT RESOLUTION 48--RELATING TO THE ASIA-PACIFIC ECONOMIC 
                           COOPERATION FORUM

  Mr. THOMAS (for himself, Mr. Robb, Mr. Roth, and Mr. Smith of Oregon) 
submitted the following concurrent resolution; which was referred to 
the Committee on Foreign Relations:

                            S. Con. Res. 48

       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, economic 
     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 non-tariff 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 this year 
     at the Third WTO Ministerial Meeting in Seattle, Washington;
       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
       Resolved by the Senate (the House of Representatives 
     concurring),

     SECTION 1. SENSE OF CONGRESS.

       It is the sense of Congress that Congress--
       (1) acknowledges the importance of greater economic 
     cooperation in the Asia-Pacific region and the key role 
     played by the Asia-Pacific Economic Cooperation (APEC) Forum;
       (2) urges the Administration fully to support the APEC 
     Forum and work to achieve its goals of greater economic 
     growth and stability;
       (3) calls upon the Administration to continue its close 
     cooperation with the private sector in advancing APEC goals; 
     and
       (4) expresses appreciation to the Government and people of 
     New Zealand for their exceptional efforts in chairing the 
     APEC Forum this year.

     SECTION 2. TRANSMITTAL OF RESOLUTION.

       The Secretary of the Senate shall transmit a copy of this 
     resolution to the President and the Secretary of State.

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