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Top officials fail to agree on code

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AFTER three days of closed-door negotiations, the senior officials meeting (SOM) of the Asia-Pacific Economic Co-operation (APEC) conference has failed to reach a consensus on a code of investment.

SOM chairman Winber Loeis emerged at the end of the meeting yesterday to say: 'We're still working on reaching a consensus'.

The issue will now be referred to the ministerial meeting which starts today.

Although there has been no official announcement on the reasons for the failure, it is believed to be due to opposition by the United States.

The US is believed to be opposed to the principles of national treatment, performance requirement and repatriation and convertibility.

A US spokesman refused to answer any questions, saying: 'I have nothing to say. We're still discussing.' The planned code of investment seeks to create transparency in trade and investment laws and ensure that foreign investors are not discriminated against.

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