Ministers from Australia, Brunei Darussalam, Canada, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and the United States gathered in Canberra, Australia, on 6–7 November 1989 to discuss how to advance the process of Asia–Pacific Economic Cooperation. A full list of Ministers and Observers attending the Meeting is attached.

Discussions covered a variety of topics under four agenda items:

1. • World and Regional Economic Developments

2. • Global Trade Liberalization — The Role of the Asia–Pacific Region

3. • Opportunity for Regional Cooperation in Specific Areas, and

4. • Future Steps for Asia–Pacific Economic Cooperation

At the conclusion of this first meeting, Ministers expressed satisfaction with the discussions, which demonstrated the value of closer regional consultation and economic co-operation on matters of mutual interest.

Ministers also expressed their recognition of the important contribution ASEAN and its dialogue relationships have played in the development :o date of APEC, and noted the significant role ASEAN institutional mechanisms can continue to play in supporting the present effort to broaden and strengthen regional economic co-operation.

MULTILATERAL TRADE NEGOTIATIONS

The discussions on world and regional developments, and on global trade liberalization, focused particularly on the need to advance the present round of Multilateral Trade Negotiations (MTN). Every economy represented in Canberra relies heavily on a strong and open multilateral trading system, and none believes that Asia–Pacific Economic Cooperation should be directed to the formation of a trading bloc.

Ministers agreed that the further opening of the multilateral trading system was of substantial and common interest for all countries in the region, and that the Uruguay Round represents the most immediate and practical opportunity to pursue this objective on a broad basis. In particular, Ministers reaffirmed their commitment to open markets and to expand trade through the successful conclusion of the Round by December 1990.