APEC Summit supports European Union
2012.09.18 - 08:48:15 / firstname.lastname@example.org / Translated by: Pedro A. Fanego Sea
Havana, Cuba. – The Summit of the Asia-Pacific Economic Forum wound up in the eastern Russian city of Vladivostok, with the decision to support European Union’s “efforts” to preserve the Eurozone. Leaders of the 21 APEC member states regretted that “events in Europe have a negative impact on the region’s growth.”
The Final Declaration of the Forum gave assurances that APEC countries are willing to close ranks with the UE to “…maintain financial stability and recover confidence...” “We ratify our support to reduce the imbalances by strengthening the financial systems of economies that have deficits…,” reads the text, in apparent support to the hard-line policies of a group of countries led by Germany.
The President of the host country, Vladimir Putin, admitted, “There are serious problems in the European Union” and the Asia-Pacific economies expressed “…different and even contradictory views on how events are likely to unfold in the Eurozone.”
The Russian leader said, “In the Summit, one of the colleagues rightfully said that the problems in the Eurozone are not as related to economy as to politics.”
The Vladivostok Summit focused in asking for more freedom of trade and investments and ratified its belief that both are the driving forces of global economy.
Agreements and commitments were reached with that certainty.
In the most important agreement of the Declaration, the economies of the region pledged they would not enforce new barriers to exports, investment activity and trade until late 2015.
In the same line, APEC leaders vowed they would refrain from adopting protectionist measures in the current times of crisis, even if they were not at odds with the letter and spirit of the World Trade Organization.
APEC leaders also sanctioned a list of 54 commodities that may contribute to sustainable economic development and whose tariffs would undergo cuts below 5% after 2015.
China and Russia expressed their concern for the state of global economy and exhorted Asia-Pacific nations to protect themselves by forging stronger regional bonds.
Russian President Vladimir Putin said trade barriers should be removed in his opening remarks of APEC Summit. They were delivered in a small island, connected to the Pacific port of Vladivostok by a spectacular new bridge, symbol of Moscow’s move towards Asia, away from the indebted Europe.
He said, “The recovery of global economy is staggering. We can only overcome the current trends by increasing the volume of trade in goods and services and the capital flow.”
Chinese President Hu Jintao stated that his country would do its best to boost APEC. In this endeavor, it was crucial to rebalance the economy of his nation, the largest in Asia, in order to improve the chances of global recovery.
The Chinese leader had told corporate leaders before the Summit that world economy was coming up against “destabilizing factors and uncertainties.” He warned that the crisis that exploded in 2008-2009 was far from over and said China would play its role to enhance recovery.
APEC includes United States, Japan, South Korea, Canada and Latin American countries like Mexico, Peru and Chile. It groups nations of the Pacific Basin that account for about 40% of world population, 54% of the economic production and 44% of global trade. By: Ana Teresa Badia