APEC ministers pledge cooperation in energy: Report

Energy ministers from 21 Pacific Rim economies on Tuesday agreed to share information on oil supplies as a short-term measure to promote the security of energy supplies in the region, Kyodo News reported.

The member economies of the Asia-Pacific Economic Cooperation (APEC) forum also agreed to cooperate in the exploration and development of energy resources and the development of alternative energies and fuel-efficient motor vehicles as part of a long-term energy cooperation program for the region.

The ministers also addressed growing calls for removing trade barriers within the region on equipment and products that help improve energy efficiency.

The APEC ministers mapped out the energy strategy at a one-day meeting in Mexico City, according to a communique released after the session.

The APEC ministers reaffirmed their commitment to promote security in energy supplies along with the protection of the environment.

To ensure a stable supply of petroleum, the APEC ministers agreed to share monthly statistics on the supply-demand situation in the crude oil market and real-time information on petroleum supplies in times of emergency.

The APEC ministers agreed to look into the feasibility of jointly stockpiling petroleum and sharing information on the security of international sea-lanes for oil transport.

At the previous meeting held in San Diego, California, in 2000, the energy ministers agreed to promote the use of renewable energy sources, such as solar energy generation.

The Mexico City energy meeting is part of the APEC consultative process leading up to the annual APEC summit, which will be held in October in Los Cabos, Mexico.

Formed in 1989, APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam. (*)