Harris and Trump make final push in must-win Pennsylvania    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Elon Musk can keep giving $1m to voters, judge rules    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Tourism Development Fund launches "Tourism Empowerment" programs to enhance sustainable growth of SMEs    Saudi crown prince, Tunisian president review bilateral relations in phone call    SFDA Chief visits premier biotechnology and medical firms in China    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Quincy Jones, titan of US music, dies aged 91    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



APEC leaders vow freer trade to bolster growth
Published in The Saudi Gazette on 09 - 09 - 2012

Russian President Vladimir Putin (center) sits with APEC leaders during an official reception at the APEC summit in Vladivostok Saturday. — Reuters
VLADIVOSTOK, RussiaChina will ensure steady and robust growth by boosting domestic demand and rebalancing its economy to help counter the obstacles hindering a global recovery, President Hu Jintao pledged Saturday to Asia-Pacific leaders gathered for a regional summit.
Asia remains the biggest driver of global growth, despite a decline in Chinese growth to a three-year low of 7.6 percent in the second quarter, and Beijing is struggling to create enough jobs and cope with the adverse impact of the debt crisis on its own economy, Hu acknowledged.
“The global economy has reached a critical juncture, and we face the arduous task of overcoming major difficulties standing in the way in order to achieve full recovery and ensure steady growth," Hu told business leaders gathered on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in this Russian Far East seaport.
Revitalizing trade and growth is an urgent priority for APEC, whose aim is to dismantle barriers and bottlenecks that slow trade and business while nurturing closer economic ties. Both China and host Russia pledged to do what they can to support those aims.
China's own growth has slowed as the government curbed bank lending to counter a property market bubble and soaring prices, just as the deepening debt crisis in Europe slammed demand for its exports.
“Economic growth is facing notable downward pressure," Hu said. “Some small and medium-sized companies are having a hard time, and exporters are facing more difficulties."
Hu, who is due to step down as China's top leader following a Communist Party congress this fall, promised to “ensure the continuity and stability" of the country's economic policies. “We will boost domestic demand and maintain steady and robust growth as well as basic price stability," he said.
China's effort to wean itself from heavy reliance on export-driven growth has helped to rebalance its trade and will generate $10 trillion in demand for imports during the five-year period from 2011-2015, Hu said.
Russia's hosting of the APEC summit highlights a renewed focus on developing its neglected but resource-rich Far East.
Putin has showcased his country's aspirations to play a more active role in the Pacific Rim region.
President Vladimir Putin promised regional business leaders that they can count on Russia, which has long focused mainly on supplying oil and gas to Europe, to be a reliable energy supplier.
Moscow also has ambitious plans to develop its railroads, roads, seaports and airports in the resource-rich but long neglected east of the country to provide a bridge between Asia and Europe, Putin said.
“The first and main thing we're going to do is develop transport infrastructure," he told regional business leaders.
Clinton welcomed Russia's recent admittance to the World Trade Organization. America's exports to Russia could double or even triple as the country implements its commitments to open its markets further, while Russia itself could raise its GDP by about 11 percent in the long run, she said, citing World Bank estimates.
“Fostering a balanced and stable economy is a challenge too sweeping and complex for countries to approach in isolation," Clinton said. “If we do this right, globalization can become a race to the top, with rising standards of living and more broadly shared prosperity."
APEC economies – both huge and tiny, rich and poor – account for about half of world economic activity. Given its status as an organization governed by consensus, its annual summit is not known for major policy breakthroughs.
But a sharp decline in growth of trade in the 21-economy APEC region this year — from 12 percent in December to 4.6 percent in May — underscores the importance of pushing ahead with trade initiatives, the APEC Policy Support Unit, an independent data analysis and research unit, said in a report issued Friday.
The APEC leaders meet Saturday and Sunday for an “informal retreat" where they are expected to approve various initiatives, including one that will cut tariffs on environmental-related goods — such as waste-water treatment technologies — to 5 percent by 2015.
They also are expected to endorse measures for ensuring food security, protecting supply chains and beefing up emergency preparedness. – AP


Clic here to read the story from its source.