Apec set for energy competition talks

Apec set for energy competition talks


SYDNEY


31-Jul-07

COMPETITION for oil and gas among China, India and other fast-growing
Asia-Pacific economies will be a talking point at the annual meeting of the
region's finance ministers, Australia's treasurer Peter Costello said yesterday.

Australia is the host of this year's series of meetings of the 21-member
Asia-Pacific Economic Cooperation (Apec) forum and Coolum, on Queensland's
Sunshine Coast, has been picked as the venue for the finance ministers meeting.

Costello, the host at Coolum, said energy security and climate change would be
top issues.

"One of the major items for discussion will be energy security," Costello said.
"How do developing countries such as China secure the energy which they'll need
to drive their growth forward in the decades that lie ahead?"

Resolutions from the five-day gathering that began Monday will be passed on to
the Apec leaders' meeting in Sydney in September.

Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South
Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines,
Russia, Singapore, Taiwan, Thailand, the US and Vietnam comprise Apec.

World Bank President Robert Zoellick is attending, along with representatives of
the Asian Development Bank and the International Monetary Fund. Zoellick is in
his first month as head of the World Bank and this is his first overseas trip
since replacing fellow American Paul Wolfowitz.

He is well known in the region, having served as a US deputy secretary of state
and also as President George W Bush's top trade negotiator.

DPA

.

Relevant Pages