Home » Breaking News, Customs & Trade » APEC leaders call for open trade, economic reforms, strong public finances

Leaders of the Asia-Pacific Economic Cooperation concluded the 20th APEC Economic Leaders’ Meeting with a declaration to cushion the damage from the euro debt crisis and encourage regional growth by promoting open trade, economic reforms, and stronger public finances.

The 21-member APEC forum closed the two-day summit in Vladivostok, Russia, with a pledge to cooperate in supporting growth and restoring confidence in shaken financial markets.

In their declaration, the regional leaders promised to channel their collective efforts toward the following:

  • Liberalize trade and investment and integrate regional economies
  • Strengthen food security
  • Establish reliable supply chains
  • Intensify cooperation to foster innovative growth

The state officials also welcomed the European leaders’ promise to “take all necessary measures to safeguard the integrity and stability of the Euro area.”

“The events in Europe are adversely affecting growth in the region. In such circumstances, we are resolved to work collectively to support growth and foster financial stability, and restore confidence,” the statement said.

The leaders also made a commitment to reduce imbalances “by strengthening deficit economies’ public finances with sound and sustainable policies that take into account evolving economic conditions and… by strengthening domestic demand and moving toward greater exchange rate flexibility.”

They likewise batted for closer cooperation on food security and the avoidance of potentially destabilizing spikes in food prices.

Another priority area identified was revitalizing growth through greater open trade, realized by removing hurdles and blockages to business and espousing closer economic ties.

They also stated their approval of the planned reduction of tariffs on environmental-related goods by up to 5 percent by 2015. Other pursuits endorsed include the need to enhance the reliability of supply chains against disasters and calamities, heighten emergency preparedness, and promote innovation.

 

Photo courtesy of APEC

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