APEC economies to emerge stronger & more dynamic from crisis

22 Jul '09

5 min read

• extend the above commitment for another year (i.e. until 2010) and stand ready to extend this further, if necessary;
• promptly notify the WTO of any measures that fall short of these commitments;
• exercise maximum restraint in implementing measures that may be considered to be WTO consistent if they have a significant protectionist effect and to promptly rectify such measures where implemented;
• regularly review our commitment to free trade and open markets, based on input from the WTO and ABAC; and
• keep our markets open and continue to reduce barriers to trade and investment, using the crisis as an opportunity for reform.

Positioning for Recovery
We will position the Asia-Pacific region for a strong and sustained recovery.

We will strengthen the region's competitiveness by accelerating our economic integration efforts. We reaffirm our commitment towards achieving the Bogor Goals. We will continue to examine building blocks towards a possible Free Trade Area of the Asia-Pacific (FTAAP) as a long-term prospect, and welcome the progress made in deepening analysis and identifying possible vehicles for an FTAAP.

We will take a comprehensive view of regional economic integration. We will accelerate trade “at the border” with simpler customs documentation procedures and facilitation of cross-border services trade. We will focus our efforts to reduce or remove regulatory impediments “behind the border” to make it easier, faster and cheaper to do business. We will improve connectivity “across the border” by identifying the chokepoints in trade logistics and reviewing logistics policies with the aim of improving regional supply chains.

We remain unwavering in our shared belief that trade and investment liberalisation is a key engine for growth. However, we recognise that not all segments of society have benefited from globalisation. We will therefore promote growth that is more inclusive, where the benefits of free trade and investment are shared more broadly. This will build a stronger consensus for further trade and investment liberalisation. APEC will develop an agenda for inclusive growth, focused on broadening access to opportunities. This entails facilitating economic restructuring to make our economies more resilient and adaptable, and strengthening social resilience to provide better security for the vulnerable segments of our society.

We recognise that climate change is a growing global challenge and we will ensure that our economic growth strategies are environmentally sustainable. We will use the opportunity provided by our domestic stimulus measures to deploy climate-friendly technologies and encourage energy efficiency. These technologies and efforts can also create new opportunities for growth. We will study how trade can be enhanced in ways that will ensure sustainable growth and development within the region.

We are confident that the APEC economies will emerge stronger and more dynamic from the crisis. By keeping our markets open, spurring trade and investment, and pursuing more inclusive and sustainable growth, we will achieve progress and prosperity for the Asia-Pacific region.

Asia-Pacific Economic Cooperation

More Asia-Pacific Economic Cooperation News... More Textiles News - Singapore...