An article in the International Herald Leader pointed out that it is very significant that a loose regional economic cooperation organization like APEC took practical measures to address the ongoing crisis by objecting to protectionism and raising no export barriers. "These measures on one side reflected the seriousness of the financial crisis, and on the other side show APEC member economies' common wish of deepening regional cooperation," the article said.

The Lima Declaration

Leaders participating in the 16th Asia-Pacific Economic Cooperation (APEC) summit released a joint statement on November 22 in Lima, Peru, calling for action on a variety of issues:

On the financial crisis

The leaders vowed to take individual and collective measures to restore confidence in APEC economies, so as to realize long-term economic development. They emphasized regional cooperation and supported the Washington Declaration issued one week earlier at the G-20 financial summit. The leaders also agreed to reform world financial markets and institutions.

On free trade

The leaders stated their commitment to completing the Doha Round talks and stressed the urgency of opposing growing protectionism. They also promised not to raise new barriers to investment and trade within the next 12 months.

On corporate social responsibility

The leaders pledged to set more effective standards for corporate governance, risk management and social responsibility in the financial sector. They encouraged enterprises to take more social responsibility by considering social, labor and environmental elements when mapping out business strategies.

On regional economic integration

The leaders reaffirmed their commitment to achieving the Bogor Goals of free trade and investment in the region to promote growth, development and a rapid recovery from the current global slowdown. They also agreed to hold further negotiations to discuss a possible Free Trade Area of the Asia-Pacific.

On food security

The leaders discussed the effects of rising food prices and food shortages in some developing economies, expressing support for actions taken to solve these problems under the UN framework. They planned to take measures to increase food supplies as well as encourage new investment in agricultural technology and production systems.

On human security

The leaders vowed to enhance human security, combat terrorism and secure regional trade. They planned to strengthen cooperation to ensure the secure flow of people, goods and capital.

On anti-corruption

The leaders stressed collective action to fight corruption by promoting clean government, supporting public-private partnerships, fostering market integrity and making financial systems more transparent.

On climate change

The leaders called for more effective adaptation strategies based on the principle of common but differentiated responsibilities and respective capabilities. The statement mentioned measures like developing low-emissions technology and transferring it to developing economies. It also discussed plans to meet regional energy needs by promoting open energy markets and free energy trade and investment, while enhancing regional energy efficiency and maximizing the potential development of clean energy technology.

About APEC

APEC, a regional governmental organization established in 1989, now counts 21 Pacific Rim economies as members, including Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Viet Nam.

APEC member economies have a total population of 2.6 billion, about 40 percent of the world total. The sum of their gross domestic product (GDP) exceeds $19 trillion, accounting for about 56 percent of world GDP. The trade volume of its member economies is about 48 percent of global trade. Therefore, this regional organization can hold the balance of the global economy.

(Source: Xinhua News Agency)