APEC leaders reject protectionism, pledge to maintain sustainable growth.

APEC

KUALA LUMPUR, Nov 15 (KUNA) -- Leaders of the Asia-Pacific Economic Cooperation forum (APEC) pledged on Sunday to reject all forms of protectionism in order to establish a new strategy for global economic growth after recovering from the current financial meltdown."We firmly reject all forms of protectionism and reaffirm our commitment to keep markets open and refrain from raising new barriers to investment or to trade in goods and services, and instruct ministers to continue to regularly review our adherence to these commitments," the leaders' declaration said.They also pledged to work for implementing the goals outlined by the G-20 Summit in London in order to maintain sustainable growth and economic balance in the world. But, they stressed, "We cannot go back 'to growth as usual'." "We will put in place next year a comprehensive long-term growth strategy that supports more balanced growth within and across economies, achieves greater inclusiveness in our societies, sustains our environment, and which seeks to raise our growth potential through innovation and a knowledge-based economy." They affirmed the balanced implementation of guarantees in financial and monetary structure and policy and work on studying the possibility of establishing a free trade zone in APEC nations.The APEC leader also pledged to tackle the threat of climate change and work toward an "ambitious" outcome for the conference in Copenhagen next month under the provisions of the United Nations Framework Convention on Climate Change (UNFCCC)."Global action to reduce greenhouse gas emissions will need to be accompanied by measures, including financial assistance and technology transfer to developing economies for their adaptation to the adverse impact of climate change," they said.For his part, Singapore's Prime Minister Lee Hsien said in a press statement that achieving balanced growth requires APEC nations to apply all they agreed on, mainly on reforming the basic economic structure which will pave the way to a balanced global economy and elevate the region's gross product.He said APEC leaders will do their best to create huge trade opportunities and implement economic strategies, as well as set up a flexible base to avoid future economic crises.The gathering, which groups 21 countries, was attended by President Barack Obama and his Chinese counterpart Hu Jintao.

All KUNA right are reserved 2007.

Provided by Syndigate.info an Albawaba.com company