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APEC Leaders Call for End to Protectionism

2009-11-15 01:49

 

The 21 leaders of the Asia-Pacific Economic Cooperation (APEC) talked about  regional economic integration, climate change negotiations, and battling protectionism at a Singapore summit on Saturday the 14th.

The leaders had tea with business advisors at the presidential palace with Singapore Prime Minister Lee Hsien Loong.

Lee said the APEC community shared common goals of advancing growth.

[Lee Hsien Loong, Singapore Prime Minister]:
"We all want to keep markets open and foster free trade. We all want a stable Asia-Pacific, where all economies can prosper and where the lives of all our peoples can steadily improve. And therefore we need to cooperate for mutual benefit and to chart the future together."

APEC leaders have called on the United States to show leadership on free trade, especially in jump-starting the long-stalled Doha round of global trade talks.

Japanese Prime Minister Yukio Hatoyama delivered the keynote address.

[Yukio Hatoyama, Japanese Prime Minister]: (Japanese, male)
"With regard to the basic stance for APEC, one is that seeing on the horizon this APFTP (Asia-Pacific Free Trade Pact), let us get down to the realization of a free trade zone. With that in mind, the realization of the Bogor goals will come into sight. So we need to create a system that will advance economic integration, and that will also put into place a seamless business environment."

Protectionism has been a hot topic during the APEC ministerial meetings preceding the main summit meeting this weekend.

The U.S. has drawn criticism on this issue from other APEC members.

President Barack Obama has reiterated his call to redress the economic imbalances blamed by many for the global financial crisis.

The 21 leaders of APEC drafted a declaration stating that they will  agree to stick with economic stimulus policies until "a durable economic recovery has clearly taken hold."