APEC to bring real benefit to Sydney and Australia

The New South Wales Deputy Premier John Watkins has displayed extraordinary ignorance of the important issues facing his own state with his claim today that APEC would bring “very little benefit” to the people of Sydney.

Putting aside the immediate economic benefits that flow from hosting such a large event, a successful APEC will ensure Australia continues to reap the strong economic benefits of our close relationships with our regional neighbours.

While Mr Watkins seems to think New South Wales exists in a vacuum, with no contact with the rest of the world, the fact is that trade with APEC economies generates around $70 billion annually for his state.

Eight of New South Wales’ top 10 trading partners are APEC economies, including China ($14 billion), the United States ($12 billion), Japan ($11 billion), Korea and New Zealand ($4 billion each).

At the national level, around 70 percent of Australia’s total international trade is with APEC economies. That trade was worth $250 billion last year.

So rather than being of little benefit, APEC represents an excellent opportunity for New South Wales to trade its way out of the economic mire created by the Labor State Government.

The APEC leaders’ meeting to be held in Sydney later this year will also address a number of future challenges facing the Asia-Pacific region.

The Prime Minister has already written to APEC leaders to place the issue of addressing climate change firmly on the agenda for the meeting.

Meetings involving 21 leaders and 42 ministers also represent an excellent opportunity to strengthen cooperation in other areas, such as counter-terrorism and regional development.

When Sydney was announced in February 2005 as the host city for the APEC meeting, then New South Wales Premier Bob Carr described the decision as “a great vote of confidence” in Sydney.

“There's an unarguable case for an international gathering of this importance, if it's being held in Australia, being held in Sydney,” Mr Carr said at the time.

The current Premier, Morris Iemma, has described APEC as ranking among “the biggest possible global events”. It’s a shame his deputy cannot see the big picture, rather than simply the opportunity for petty politicking

Media Inquiries: Mr Downer's office 02 6277 7500