China, US, other APEC Leaders Sign Commitment to Slash Tariffs on Green Goods and Services

At the Asia Pacific Economic Cooperation summit in Hawaii last week, Chinese President Hu Jintao joined US President Obama and other APEC leaders in signing a pledge to cut tariffs on an undesignated list of environmental goods and services to 5 percent by 2015. APEC members also pledged to eliminate domestic content requirements on goods and services by 2012. Together, the 21 APEC economies account for 60 percent of global trade in environmental goods and services, and the global market for environmental technologies in 2008 represented $782 billion, with nearly $300 billion in the US, according to a US Commerce Department estimate. A spokesman for one organization representing US manufacturers hailed the commitment as a “huge” outcome. Read the full story at Reuters

Image courtesy of APEC and is public domain.