APEC leaders pledge to revive economic growth<\/p>\n
Alan Wheatley, Reuters, Shanghai<\/p>\n
Pacific Rim leaders pledged on Sunday to put their economies
\nback on the growth track but stopped short of a specific
\ncommitment to expansive fiscal and monetary policies.<\/p>\n
A declaration issued after a two-day summit of the 21-member
\nAsia Pacific Economic Cooperation (APEC) forum said governments
\nhad undertaken to adopt \"appropriate policies and measures to
\nincrease economic growth\".<\/p>\n
The statement dropped a pledge contained in an earlier draft
\nto pursue \"pro-growth fiscal and monetary policies\" to help the
\nworld economy get over the shock to confidence inflicted by the
\ndeadly attacks on the United States on Sept. 11.<\/p>\n
The leaders also opted for more soothing language about the
\nstate of global financial markets, dropping an earlier reference
\nto the need for \"decisive\" policy actions to \"stabilize\" markets.<\/p>\n
\"It is important for all economies to take timely policy
\nactions to strengthen markets and facilitate an early pick-up in
\nglobal economic activity,\" they declared.<\/p>\n
The leaders said they were committed to maintaining public
\nconfidence by fighting protectionism and launching a new round of
\nnegotiations to tear down barriers to global commerce.<\/p>\n
\"We emphasize the need for a balanced, sufficiently broad-
\nbased agenda, which is achievable. This is essential to the
\nsuccessful launch and conclusion of the New Round,\" they said.<\/p>\n
Ministers from the 142-member World Trade Organization (WTO)
\nare scheduled to meet from November 9-13 to try to launch a new
\nround, which has been in limbo since the first attempt to agree
\nan agenda ended in acrimony at a conference in Seattle in 1999.<\/p>\n
The WTO is due to meet in Doha, but the statement endorsed by
\nAPEC leaders made no reference to the Qatari capital.<\/p>\n
\"We strongly support an open, equitable and rules-based
\nmultilateral trading system and the launch of the WTO New Round
\nat the upcoming WTO ministerial conference. This has assumed
\nadded urgency in the context of the current slowdown,\" Chinese
\nPresident Jiang Zemin said.<\/p>\n
Jiang read a summary of the summit's conclusions, flanked by
\nhis fellow leaders, all dressed in bright Chinese silk jackets.<\/p>\n
Some ministers have expressed misgivings about holding the
\nconference in the Gulf state because of security concerns in the
\nMiddle East as Washington's war against terrorism unfolds.<\/p>\n
Appended to the declaration was the \"Shanghai Accord\", which
\nsets out a new roadmap for reaching APEC's non-binding goal of
\nfree trade and investment by 2010 for the group's developed
\ncountry members and by 2020 for its emerging economies.<\/p>\n
The accord said a sharpened strategy was needed to reflect the
\nrapid changes in the world economy since the goal was first
\nagreed at an APEC summit in Bogor, Indonesia, in 1994.<\/p>\n
\"Globalization and the New Economy have transformed the global
\nand regional economy significantly since the Bogor Goals,
\nbringing forward extraordinary opportunities as well as
\nchallenges. APEC's vision needs to reflect these changes.\"<\/p>\n
Key to the Shanghai Accord is the adoption of a \"pathfinder
\napproach\" that gives the green light to countries to forge ahead
\nwith market-opening measures even if other members of APEC are
\nnot ready to follow.<\/p>\n
Leaders said they also recognized the need for stronger
\neconomic and technical cooperation and promised to take stock of
\nthe progress toward their free trade and investment goals in
\n2005.<\/p>\n
APEC groups Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New
\nGuinea, Peru, Philippines, Russia, Singapore, South Korea,
\nTaiwan, Thailand, the United States, and Vietnam.<\/p>",
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"sponsor": "Okusi Associates",
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