APEC vows to fight high oil prices<\/p>\n
Agence France-Presse, Jeju, South Korea<\/p>\n
Finance ministers from Pacific rim nations wrapped up a two-day
\nmeeting here on Friday with a pledge to share responsibility to
\nfight high oil prices and other impending risks to the global and
\nregional economies.<\/p>\n
Surging oil prices cast a long shadow over the 21-member Asia-
\nPacific Economic Cooperation (APEC) finance ministers' two-day
\nmeeting here.<\/p>\n
In a joint statement, ministers said members should be mindful
\nof their individual responsibilities in addressing global
\nimbalances such as the need for fiscal consolidation to increase
\nsavings in the United States, further structural reform in Japan
\nand more flexibility in the exchange rate systems of developing
\ncountries.<\/p>\n
\"We note that global economic growth has moderated over 2005
\nbut is still likely to remain robust despite high oil prices.
\nThough growth in APEC regions is expected to ease in 2005, we
\nobserve that member economies are experiencing faster growth than
\nthe global economy,\" the statement said.<\/p>\n
It called for \"adequate investment in oil production and
\nrefining capacity as well as technology transfer for energy
\nconservation\" to meet the challenge of soaring oil prices and
\ncalled for a reduction in \"demand-distorting fuel subsidies.\"<\/p>\n
Dialogue between oil producing and consuming countries should
\nbe strengthened, it added.<\/p>\n
APEC's 21 members consume more than half of global oil output
\nand include four of the world's five biggest oil importers -- the
\nUnited States, Japan, China and South Korea.<\/p>\n
APEC members also \"welcomed\" the recent moves by China and
\nMalaysia towards more flexible exchange rate systems.<\/p>\n
Chinese Finance Minister Jin Renqin told a press conference
\nChina will stick to its \"step by step\" approach on reforming its
\ncurrency system for the sake of not only China but also for the
\nregional and global economies.<\/p>\n
\"We are a responsible government. To have the Chinese (yuan)
\nstable within a certain band will be beneficial to Chinese
\neconomic development and also to the economy in Asia and the
\nworld,\" he said.<\/p>\n
China freed up its dollar-linked forex regime in July and
\nrevalued the yuan by 2.1 percent against the U.S. unit but since
\nthen Beijing has dampened speculation that another adjustment
\nmight be in store.<\/p>\n
U.S. chief delegate, Treasury Deputy Secretary Robert M.
\nKimmitt, said at the same press conference that Beijing's
\ndecision was an \"important first step toward China's stated
\nobjective of a more flexible exchange rate that would allow the
\ncurrency to respond to underlying market forces.<\/p>\n
\"Implicit in our support for that action, and also reflected
\nin China's public statements, ... is the assumption that there
\nwill be greater flexibility over time,\" Kimmitt said.<\/p>\n
According to the joint statement, members also agreed to push
\nfor progress toward their pledged goals of \"free and open trade
\nand investment\" in the APEC economies.<\/p>\n
\"We reiterated our support for the successful conclusion of
\nthe WTO Doha Development Agenda negotiations ... (and) call for
\nmaking significant progress at the upcoming Hong Kong Ministerial
\nConference,\" it said.<\/p>\n
The WTO's 148 members are trying to complete the Doha Round of
\ntrade liberalization after four years of stumbling talks, with
\nthe Hong Kong meeting at risk of failure given persistent deep
\nseated differences over market access and trade in agricultural
\ngoods.<\/p>",
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"sponsor": "Okusi Associates",
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