Trade ministers from the Asia-Pacific Economic Cooperation (APEC) economies agreed in Singapore on July 22 to extend till the end of 2010 the commitment to refrain from raising new barriers to trade and investment in the region.
APEC leaders undertook in November 2008 to refrain till end 2009 from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing WTO inconsistent measures in all areas, including those that stimulate exports.
"We agreed to extend the above commitment for another year, that is until 2010, and stand ready to extend this further, if necessary," trade ministers attending the Ministers Responsible for Trade Meeting of APEC 2009 said in a statement after the meeting.
They added that they will "promptly notify the WTO of any measures that fall short of these commitments."