VLADIVOSTOK, Russia – Australian Trade Minister Craig Emerson has hailed APEC's decision to cut tariffs on green-energy goods, saying the deal will be of great benefit to Australia. The APEC leaders meeting in Vladivostok has come to an end on a high note for Australia, with a list of 54 products including solar hot-water systems and solar panels that will have import duties of no more than 5 per cent by 2015. Emerson said the World Trade Organization has been struggling with the same issue for more than 10 years and has failed to reach the deal that APEC has now come up with. “When there is a rising tide of protectionism, for the APEC economies to get together and agree to reduce tariffs on a class of goods - in this case goods used to clean up and protect the environment - its a tribute to APEC and a great achievement," he said. “Australia exports $1.2 billion worth of these environmental goods in the region and $430 billion worth of trade is done in these environmental goods. “This is big bikkies - this matters a lot for Australia (and) it matters a lot for the region." US Secretary of State Hilary Clinton said the deal on green-energy goods is also positive for her nation. “(It makes) green products more affordable and [creates] jobs wherever they are manufactured, including in the United States," she said. Emerson was also pleased with APEC's decision to start breaking down barriers for tertiary education. The summit decided to start work on making it easier for universities to set up campuses in other countries and for students to attend overseas institutions. Emerson said that will be a boost for Australia's higher education sector, which is the nation's third largest export industry. The move means it will be a lot easier for students of APEC nations to study in each other's universities. “It's not just about dollars and cents; it's about the cultural understanding and the great opportunities that kids have and never forget for the rest of their lives," he said. “This is about building friendships, building cultural awareness [and] building APEC as a real community." In their final summit statement, the leaders pledged to help boost the sluggish global economy by strengthening demand in their own countries, cutting public debt and committing to no new trade barriers. Russian President Vladimir Putin, whose government spent $20 billion upgrading Vladivostok ahead of APEC to showcase the country's growing ambitions for the Far East and expand trade with Asia, described the event as a “big success". “The Vladivostok summit has once again reaffirmed the APEC economies' commitment to the underlying principles of free trade and integration," he said. “The Asia-Pacific region is a locomotive, a driving force in the world economy." APEC spans the Pacific Rim, from China to Chile, and includes the world's three biggest national economies - the United States, China and Japan - with its 21 members accounting for 44 per cent of the world's trade. Pacific Rim leaders pledged Sunday to fend off the deepening damage from the European crisis and revive flagging growth in the region by supporting open trade, reforming their economies and strengthening public finances. The 21-member APEC forum wrapped up an annual summit Sunday, vowing to work together to support growth and restore confidence in shaken financial markets. – Agencies
