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'We need a new growth paradigm' - Leaders of APEC

16
Nov '09
We, the Leaders of APEC, gathered in Singapore to chart a new growth paradigm for the Asia-Pacific region that meets the needs of the 21st century global economy.

The global economy has begun to recover, with the Asia-Pacific region taking the lead. But we cannot go back to “growth as usual” or “trade as usual”. The post-crisis landscape will be different. We need a new growth paradigm. We need a fresh model of economic integration.

We will pursue growth which is balanced, inclusive, and sustainable, supported by innovation and a knowledge-based economy, to ensure a durable recovery that will create jobs and benefit our people.

We will take a more comprehensive approach to regional economic integration, to meet the needs of our businesses and to keep up with new trends in cross-border trade and investment.

We will seek to conclude the Doha Round in 2010 and reject all forms of protectionism.

New Growth Paradigm

We endorse the goals of the G-20 Framework for Strong, Sustainable and Balanced Growth. Representing the economically most dynamic region in the world and accounting for half of global trade and output, APEC is well placed to provide the momentum necessary to achieve these goals.

Balanced Growth. Strong and sustained economic growth will require structural reforms to gradually unwind global imbalances and raise the potential output of our economies.

We will ensure that our fiscal, monetary, trade, and structural policies are consistent with a more sustainable and balanced trajectory of growth, both within and across our economies.

We will strengthen the environment for private enterprise, investment, and innovation.

We will develop our financial markets to better serve the real economy.

We will work closely with International Financial Institutions and Multilateral Development Banks to help achieve these objectives.

Inclusive Growth. To achieve inclusive growth, we must broaden access to economic opportunities and build the resilience of the most vulnerable against economic shocks. Inclusive growth will strengthen the consensus for free trade and open markets, which are key for continued prosperity.

We will help small and medium enterprises and women entrepreneurs gain better access to global markets and finance.

We will facilitate worker retraining, skills upgrading, and domestic labour mobility.

We will invest in education as a basis for enhancing individuals' ability to secure good jobs.

We will design social safety nets that provide short-term support but avoid long-term dependency.

Sustainable Growth. Future growth must be compatible with global efforts to protect the environment and mitigate climate change. At the same time, efforts to address climate change must be consistent with our international trade obligations.

We welcome the Declaration of the Leaders of the Major Economies Forum on Energy and Climate in L'Aquila and the Leaders' Statement at the G-20 Pittsburgh Summit, and reaffirm our commitment to tackle the threat of climate change and work towards an ambitious outcome in Copenhagen, within the objective, provisions and principles of the United Nations Framework Convention on Climate Change.


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