APEC leaders promise no new trade barriers for one year

Channel News Asia
APEC leaders promise no new trade barriers for one year
Posted: 23 November 2008 0516 hrs

LIMA - Leaders of 21 Asia-Pacific economies making up around half of world trade warned Saturday that protectionism would only worsen the troubled global economy.

"There is a risk that slower world growth could lead to calls for protectionist measures which would only exacerbate the current economic situation," Asia-Pacific Economic Cooperation forum leaders said in a joint statement.

The leaders, who are holding talks in Peru, endorsed a proposal from last week's Washington summit promising not to erect new barriers to trade in the next 12 months.

The leaders including US President George W. Bush voiced "our firm belief that free market principles and open trade and investment regimes will continue to drive global growth, employment and poverty reduction."

They said they would press their governments to look for further ways to integrate economies of the Pacific rim including the possible development of a vast Asia-Pacific free trade area.

The 21 leaders, who also include Chinese President Hu Jintao and Japanese Prime Minister Taro Aso, promised that the global financial crisis would not distract them from other goals including fighting poverty in developing nations.

The leaders were expected to release a final declaration on Sunday after they wrap up their talks.

- AFP /ls