Apec leaders say protectionism will deepen crisis

November 23rd, 2008 - 2:39 pm ICT by IANS  

Lima, Nov 23 (IANS) Leaders of the Asia-Pacific Economic Cooperation (Apec) countries have warned that “protectionist measures” driven by sliding growth rate would only deepen the current global economic crisis, EFE reported Sunday.In a statement on the global economy released late Saturday during the first working session of the Apec summit meeting, the leaders said “diminishing world growth could lead to calls for protectionist measures” that would only worsen the global crisis.

The 26th Apec summit, which brings together 21 head of state or their representatives in the region, started in Peru’s capital to take stock of the grim global economic scenario and deliberate ways to overcome the crisis.

The leaders declared their firm support for the Washington Declaration of the Group of 20 industrialised and emerging economies proposing reform of financial markets.

They also committed themselves for the next 12 months to “avoiding raising barriers to investment or trade in goods and services with the imposition of new export restrictions.”

At the first session of the summit that began Saturday, the leaders discussed the impact of the global financial crisis and the actions that Apec members are taking, individually and collectively, to restore confidence in their economies and to keep the region on the path to long-term growth.

In their statement they gave assurances that “urgent and extraordinary steps to stabilize” the financial sectors have already been taken, and that they will continue them in a “coordinated” way.

“We also support the efforts of credit agencies, international financial institutions and private banks to assure the availability of sufficient financing for business, including for small and medium-sized companies, and to maintain the flow of trade and investment in the region,” the statement said.

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