It was announced at the retreat by senior officials from the 21 APEC member economies, who will attend the Third Senior Officials' Meeting (SOM III) of the 13th APEC Ministerial Meeting from August 23-24 in Dalian, the coastal city of Northeast China's Liaoning Province.

The Bogor Goals, set up in 1994, says that developed and developing economies will realize trade and investment liberalization in 2010 and 2020 respectively.

The retreat was presided over by APEC SOM Chair and Chinese Vice-Minister of Foreign Affairs Wang Guangya.

The officials recognized that it is important for APEC to draw a road map for the new century in meeting the changing economic environment in the region, brought by globalization and New Economy.

It is a common view that APEC should take a strategic, forward-looking approach in responding to the current economic outlook, while keeping a balance of interests of member economies and preserving the integrity of APEC principles.

Senior officials agreed to continue discussions in an expeditious manner, in order to finalize the substantive work before the October meeting.

SOM III aims to prepare for the Ministerial Meeting as well as the Economic Leaders' Meeting, to be held in Shanghai in October, marking the climax of APEC's series of events this year.

Senior officials focused their discussion on the possible major outcomes for APEC 2001, both in terms of the deliverables and key elements of the final documents.

They reviewed the progress achieved since the start of the year, and reaffirmed their strong intention to push forward in wrapping up the achievable outcomes of various aspects on the agenda, leading up to Shanghai. They agreed to work closely in consultations and co-ordinations.

(China Daily 08/23/2001)