The leaders said in the final declaration that they had instructed relevant ministries to tackle the improvement of national regulations to create a favorable business environment in the Pacific Rim.
The leaders also hailed the initiative to develop the private sector in the region, as well as recommendations of the APEC Business Advisory Council.
The council's recommendations include strengthening the APEC leading role in the completion of the "Doha Round" of WTO multilateral trade negotiations that was launched in Qatar, in November 2001, consolidating regional financial systems and boosting of the protection of intellectual property rights.
The APEC Business Advisory Council was set up in 1995 to promote the forum's cooperation with business circles that are considered the main driving force of economic development in the Pacific Rim. Each APEC member state has three representatives in the council.
