STATEMENT ON NORTH KOREA

ACTION ON TRADE AND INVESTMENT

Translating Commitments into Action: Today, President Bush and other APEC Leaders translated into action the pledges they made in last year's Shanghai Accord. Revitalizing momentum toward free and open investment in the Asia Pacific region, the Leaders took action to increase transparency, cut red tape and trade transaction costs, and encourage development of the Digital Economy.

APEC Transparency Standards: Transparency is critical to APEC's vision of free and open trade and investment. The Transparency Standards committed to by APEC Leaders will enhance good governance, increase regulatory certainty, and attract investment in APEC economies. Key elements of the Leaders' Statement commit APEC economies to:

Trade Facilitation Action Plan: President Bush and other APEC Leaders endorsed concrete trade facilitation measures as part of an Action Plan to reduce red tape and other trade transaction costs by 5 percent across the APEC region over 5 years. The Action Plan calls on APEC Members to implement specific trade facilitating reforms, and estimate the cost-savings they will generate. There are over 50 reforms included in the Action Plan that fit into four categories:

Trade and the Digital Economy: President Bush and most other APEC Leaders committed to a U.S.-driven initiative to remove barriers to information technology products and services, and increase intellectual property protection. This initiative will help stimulate investment and growth in the Digital Economy. Specifically, the Leaders' Statement on Trade and the Digital Economy commits participating APEC members to: