DATE=10/21/03

TYPE=CORRESPONDENT REPORT

TITLE=APEC / BUSINESS LEADERS REAX (L-O)

NUMBER=2-308887

BYLINE=RON CORBEN

DATELINE=BANGKOK

CONTENT=

VOICED AT:

INTRO: Business leaders from around the world, meeting in tandem with national leaders from the Asia Pacific Economic Cooperation group, say the forum needs more relevance to the business community. As Ron Corben reports from Bangkok, executives say APEC must promote trade or risk its credibility.

TEXT: Business leaders have put the Asia-Pacific Economic Cooperation (APEC) forum on notice for diverting its attention from trade and economic development.

Executives attending a "C-E-O" business forum on the sidelines of the APEC summit in Bangkok accuse APEC of falling short in such basic tasks as communicating its achievements.

At the conclusion of the forum, Australian executive Peter Charlton says APEC's attempts to communicate have been "abysmal."

/// 1st ACT CHARLTON ///

Unless there is progress, people will go around thinking… that APEC represents leaders in funny shirts once a year…

/// END ACT ///

APEC, set up in 1989, brings together economies ringing the Pacific Ocean. Its members account for two-and-one-half-billion people producing more than half the world's total output.

Its mission, as its name implies, is encouraging economic cooperation among its members.

/// BEGIN OPT ///

But executive vice president of the multinational company International Federal Express, Michael Drucker, says APEC needs to re-assess its goals.

/// DRUCKER ACT ///

I think often times these institutions begin to take on a life of their own. And that is why we are at an important crossroad, where we have to rethink and restate our objectives.

/// END ACT // END OPT ///

This APEC meeting concluded with members calling for the World Trade Organization to re-start global trade negotiations. W-T-O talks failed in September after rich and poor nations clashed over trade barriers and subsidies.

Hernan Somerville, chairman of the Chilean Association of Banks and Financial Institutions, says APEC members' failure to band together at the W-T-O talks risked the group's credibility.

/// ACT SOMERVILLE ///

So what is the purpose of having a group, non-binding, like APEC if you have a major negotiation and the APEC countries are not even able to work out a common position?

/// END ACT ///

Business leaders say that to remain relevant, APEC should concentrate its energies on meeting the challenges of free trade. (SIGNED)

NEB/HK/RC/MH/RH/RAE