Stimulus spending and other strong actions have set the stage for global economic recovery, but nations must push ahead with free trade and investment to ensure growth, President Barack Obama and fellow Asia-Pacific leaders said Sunday. Obama and 20 other leaders, meeting in Singapore for the annual Asia-Pacific Economic Cooperation forum, rejected all forms of protectionism and agreed on the need for a long-term growth strategy that takes into account the diverse needs of economies in a region stretching from Chile to China, according to a report of The Associated Press. Recovery is not yet on solid footing and the region cannot go back to «growth as usual,» Singapore Prime Minister Lee Hsien Loong said, reading from a joint statement by the APEC leaders. «We need a fresh growth paradigm. We need a fresh model of economic integration,» they said. To that end, APEC members pledged to maintain their economic stimulus policies until a durable economic recovery has clearly taken hold. «We will pursue growth which is balanced, inclusive and sustainable to ensure a durable recovery that will create jobs and benefit our people,» they said. Nations must work toward «strong, sustainable and balanced global economic growth» in the post-crisis period with policies that expand opportunities for all sectors of society, including women and small business owners; take better care of the environment; and promote development while reducing poverty and ensuring security, they said. APEC, which accounts for 40 percent of the world"s population and 54 percent of global output, was created 20 years ago to promote greater trade and integration among Pacific Rim nations. Pledges are nonbinding, and the forum"s scope has expanded to encompass issues such as climate change, energy and food security, and politics. Following the APEC meetings, Obama was to hold a summit with all 10 ASEAN leaders.
