At their meeting in September 1999 in Auckland, APEC Leaders agreed that the performance and prospects of the APEC economies had improved, but they were not complacent about the risks to recovery. Accordingly they pledged to strengthen markets and improve the international framework governing trade and investment flows. Leaders also put people and their prosperity at the forefront of their discussions, welcoming the more active participation of women and business in APEC¡¯s work during 1999.

In addition to reaffirming their commitment to the Bogor Goals of free and open trade and investment by 2010/2020, Leaders endorsed new APEC Principles to Enhance Competition and Regulatory Reform; further work on an APEC Food System; and agreed that priority would be given to trade facilitation in 2000.

Leaders endorsed the Finance Ministers¡¯ work to strengthen domestic financial markets and the return of capital to the region. In addition they agreed that Finance Ministers should work, in collaboration with other relevant organisations to develop a set of banking standards for consideration and possible adoption by APEC economies.

Looking ahead to the Seattle WTO Ministerial, Leaders committed to the launch of a new Round of multilateral trade negotiations including comprehensive negotiations on industrial tariffs, in addition to services and agriculture; improved market access; completion within three years as a single package; and the abolition of agricultural export subsidies and unjustifiable export prohibitions and restrictions.