VLADIVOSTOK, Russia – Asia-Pacific nations including China, the US and Japan promised measures to boost growth on Sunday and rejected limits on food exports to try to revive the flagging global economy.
Countries on the Pacific Rim ended a two-day summit on an island off the Russian port city of Vladivostok by expressing concern about the state of the world economy, global food security and growing signs of protectionism.
The 21 members of the Asian-Pacific Economic Co-operation (Apec) group agreed to slash import duties on “green technology”, take steps to bolster growth and liberalise trade to counter problems heightened by Europe’s debt crisis.
“The financial markets remain fragile, while high public deficits and debts in some advanced economies are creating strong headwinds to economic recovery globally. The events in Europe are adversely affecting growth in the region,” they said.
“In such circumstances, we are resolved to work collectively to support growth and foster financial stability, and restore confidence.”
Apec, which also groups Malaysia, Indonesia, Canada and South Korea, makes decisions by consensus and its moves are not binding. But its influence is growing as Europe’s declines.
It accounts for 40 per cent of the world’s population, 54 per cent of its economic output and 44 per cent of its trade. In the US, China and Japan it has the world’s three largest economies.
Despite concern about Europe’s debt problems, Apec welcomed European leaders’ attempts to resolve the crisis.
“There’s a general sense that the world economy is a little fragile
Countries on the Pacific Rim ended a two-day summit on an island off the Russian port city of Vladivostok by expressing concern about the state of the world economy, global food security and growing signs of protectionism.
The 21 members of the Asian-Pacific Economic Co-operation (Apec) group agreed to slash import duties on “green technology”, take steps to bolster growth and liberalise trade to counter problems heightened by Europe’s debt crisis.
“The financial markets remain fragile, while high public deficits and debts in some advanced economies are creating strong headwinds to economic recovery globally. The events in Europe are adversely affecting growth in the region,” they said.
“In such circumstances, we are resolved to work collectively to support growth and foster financial stability, and restore confidence.”
Apec, which also groups Malaysia, Indonesia, Canada and South Korea, makes decisions by consensus and its moves are not binding. But its influence is growing as Europe’s declines.
It accounts for 40 per cent of the world’s population, 54 per cent of its economic output and 44 per cent of its trade. In the US, China and Japan it has the world’s three largest economies.
Despite concern about Europe’s debt problems, Apec welcomed European leaders’ attempts to resolve the crisis.
“There’s a general sense that the world economy is a little fragile