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APEC ministers pledge new paths to sustained growth
Published in Saudi Press Agency on 12 - 11 - 2009


Ministers from 21 economies of the Asia-Pacific
Economic Cooperation (APEC) today pledged to maintain stimulus
packages, undertake structural reform and find new pathways of growth
to secure a sustained recovery of the world economy, according to dpa.
"The global economic situation has eased considerably," the APEC
foreign and trade ministers said in a joint statement after a two-day
meeting at the annual APEC summit in Singapore.
"But the recovery remains fragile; the growth profile over the
next few quarters is likely to be uneven," they warned, adding that
"unemployment remains unacceptable high in many of our economies."
However, the ministers said they would "ensure that the recovery
does not stall and lay a foundation for growth that is inclusive,
balanced and sustainable."
"We see Asia leads the world to recovery and we see growth resumes
in the United States and around the world after the worst recession
in decades," US Treasury Secretary Timothy Geithner told a news
conference after a meeting of APEC finance ministers.
Geithner urged economies worldwide to shift away from their
dependence on US demand, saying that "Americans are saving now."
"The rest of the world has to shift to more domestic sources of
growth," he said, adding that the US would continue to be "a voice of
reform" and a strong partner for the countries in Asia-Pacific "to
confront the major economic challenges of our time."
Singapore"s Finance Minister Tharman Shanmugaratnam said that
economies had to find new pathways for sustainable growth, as the era
of US consumers being the key engine of demand was over.
"At the very least it is not going to come back any time soon," he
added.
"Structural reforms have to be at the core of efforts to
strengthen domestic demand over the medium- to long-term," said
Tharman, noting that it was crucial to look beyond the recovery.
The APEC finance ministers rejected an early withdrawal of
stimulus packages implemented to overcome the crisis, saying that
exit strategies depended on the degree of recovery in different
economies.
"The pace of implementing exit strategies should take into account
different stages in the economic recovery of member economies, the
type of policy measures to be phased out, and any spillovers caused
by our strategies," said their joint statement.
Geithner said that economies would have to take different exit
strategies, noting that "it"s not going to be identical."
"The important thing ... is a recognition that we need to make
these decisions together in recognition of the basic mixes involving
each of our countries," he said.
"And I think that"ll help improve the prospects that we come out
of this with a firmer foundation for growth," Geithner added.
The APEC finance ministers said that in the post-crisis period,
key challenges facing the world economy included successfully exiting
the extraordinary policy measures, implementing credible medium-term
fiscal consolidation strategies and meeting the massive
infrastructure needs in Asia-Pacific.
Despite the challenges of the global crisis, they said, the APEC
economies remained committed to supporting free and open trade and
investment, adding that "we are, and will actively resist
protectionist measures."
APEC consists of the 21 Pacific Rim economies and represents about
54 per cent of the global gross domestic product and 44 per cent of
world trade.
The forum consists of Australia, Brunei, Canada, Chile, China,
Indonesia, Hong Kong, Japan, Malaysia, Mexico, New Zealand, Papua New
Guinea, the Philippines, Singapore, South Korea, Taiwan, Thailand,
Peru, Russia, the US and Vietnam.
The one-week APEC summit in Singapore is set to culminate when the
heads of its member economies, including US President Barack Obama,
Chinese President Hu Jintao and Japanese Prime Minister Yukio
Hatoyama meet over the weekend.


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