APEC economic leaders to push world trade

Lima (VNA) – Leaders of the Asia-Pacific Economic Cooperation (APEC) member economies have issued a statement, promising to take further actions against the global financial crisis.

The statement was issued in the Peruvian capital city of Lima on November 22, the first day of the two-day APEC-16 Economic Leaders’ Meeting, under the chairmanship of Peru’s President Alan Garcia Perez. Vietnamese President Nguyen Minh Triet attended the session.

In the statement, the leaders said they discussed the impact of the financial crisis and the actions that APEC member economies are taking, individually and collectively, to restore confidence in their economies and maintain the region on a path of long-term growth.

The leaders admitted the risk that slower world economic growth could lead to calls for protectionist measures which would exacerbate the current economic situation. They promised to not raise new barriers to investment and trade in the next 12 months.

On the Doha Round of WTO trade talks, the APEC leaders expressed their hope for "an ambitious and balanced conclusion" to lay the foundation for the economic growth and prosperity in the region.

The leaders also reaffirmed their commitment to the Bogor Goals of free and open trade and investment in the Asia-Pacific region as a "key organizing principle and driving force" for APEC.

The global financial crisis would not shake their determination to address important challenges facing the region, including climate change, energy security and clean development, said the leaders.

The leaders expressed support for the Washington Declaration adopted at the G-20 summit in Washington earlier this month and common principles that will guide the Action Plan for financial markets reform.

APEC-16 supported overhauls of the International Monetary Fund (IMF) and the World Bank (WB) at time when more countries need emergency bailouts to avert economic devastation.

After the first retreat session, APEC leaders had a dialogue with the APEC Business Advisory Council (ABAC), which comprises of leading businesses in the Asian-Pacific region.

Source: Vietnam News Agency

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