Apec upbeat economic crisis can be overcome by 2010

November 23, 2008

Lima, Peru (ChattahBox) — The 21 Economic leaders of Asia-Pacific nations meeting in Lima, Peru, signed a final declaration backing free trade and insisting that the economic crisis could be overcome. The Asia-Pacific Economic Co-operation (Apec) leaders expressed their confidence that the global economic crisis can be overcome by 2010. Perhaps not coincidently the meeting was US President George W Bush’s final summit before leaving office on 20 January.

In their closing declaration, the leaders of the Asia-Pacific Economic Co-operation (Apec) nations backed emerging global plans to boost spending in the face of lower economic growth rates.

“We are convinced that we can overcome this crisis in a period of 18 months,” the statement said.

We will act quickly and decisively to address the impending global economic slowdown. We have already taken urgent and extraordinary steps to stabilise our financial sectors and strengthen economic growth,” Peruvian President Alan Garcia said on behalf of the delegates.  We will act quickly and decisively to address the impending global economic slowdown.”

The final declaration followed a statement made at the half-way point of the summit on Saturday, in which the leaders agreed to avoid protectionist measures and keep trade free despite the economic climate.

Apec members account for more than half of all world trade and include nine members of the G20 group of leading industrialized and developing nations, which met in Washington last weekend to formulate their own response to the crisis.

The leaders also agreed to seek a solution to the deadlock in the current Doha round of the World Trade Talks, saying they would send ministers to Geneva next month to try and restart the process.

“A prompt, ambitious and balanced conclusion to the World Trade Organisation – Doha Development Agenda negotiations would deliver substantial improvements in market access and reduce market-distorting measures in global agricultural trade,” they said.


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