Asia-Pacific Economic Cooperation (APEC) countries agreed on Wednesday to shun protectionist measures, saying such policies would be a setback to the global economy. They also agreed to step up efforts to reach a global trade pact, Singapore trade minister Lim Hng Kiang, the chair of the APEC meeting, told a news conference. "If protectionism is not controlled, this could be a severe setback for our growth prospects," said Lim, after a two-day trade meeting in Singapore, according to a report of Reuters.
