APEC committed to building seamless economy

Updated: 2011-11-14 13:12


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APEC committed to building seamless economy

US President Barack Obama poses with other APEC leaders for a family photo at the APEC Summit in Honolulu, Hawaii November 13, 2011. [Photo/Xinhua]

HONOLULU, United States - Leaders of the Asia-Pacific Economic Cooperation (APEC) forum said here Sunday that they are committed to building a seamless regional economy through joint efforts.

"In APEC this year, we have committed to taking concrete steps toward a seamless regional economy, in order to link our economies and markets ever closer together, to the benefit of all," said "The Honolulu Declaration -- Toward a Seamless Regional Economy," which was posted on APEC's official website.

"We meet at a time of uncertainty for the global economy. Growth and job creation have weakened in many economies, and significant downside risks remain, including those arising from the financial challenges in Europe and a succession of natural disasters in our region," the document said.

The declaration added these challenges have only strengthened member economies' commitment to cooperation as the way forward. "Building on the Yokohama Vision, we firmly resolve to support the strong, sustained, and balanced growth of the regional and global economy," the statement said.

Leaders of the 21-member APEC said that they have recognized that further trade liberalization is essential to achieving a sustainable global recovery in the aftermath of the global recession of 2008-2009.

The member economies have deep concerns regarding the impasse confronting the Doha Development Agenda (DDA), and the reality is that a conclusion of all elements of the Doha agenda is unlikely in the near future, the statement said.

It urged the World Trade Organization (WTO) members meeting at the Eighth Ministerial Conference next month to build on the commitment made at the APEC through agreement on an anti-protectionist pledge.

APEC leaders advised officials to approach the upcoming WTO Ministerial Conference and negotiations beyond it with a view to fresh thinking and a determination to begin exploring fresh and credible approaches, including possibilities that involve advancing specific parts of the Doha agenda where consensus might be reached on a provisional or definitive basis, the document said.

"We have pursued these objectives in 2011 by addressing next-generation trade and investment issues," the leaders said, adding that strengthening regional economic integration plays a key role in promoting regional peace and stability.