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APEC leaders pledge new vision for economic growth
November 15, 2009
Leaders of the 21-nation Asia Pacific Economic Cooperation (APEC) on Sunday pledged a new paradigm of growth based on free trade, vowing to rebuild the world economy after the worst global recession in decades.
"We have to find another balance, and we have to find another way ... which does not depend so much on the American consumer," said Singapore Prime Minister Lee Hsien Loong after a two-day APEC summit in Singapore.
"The old way of Asia manufacturing and exporting and America borrowing and importing and consuming," he said, would not work in the future.
"We cannot go back to growth as usual," said a non-binding joint statement by the APEC leaders, including US President Barack Obama and Chinese President Hu Jintao
'We cannot go back to growth as usual' |
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"For decades, the United States has been a major consumer of goods from this region," said Obama, who joined the "retreat" forum late Saturday.
"What can fuel that prosperity is a strategy where the United States consumes less and exports more. This won't just lead to more balanced growth, it has the potential to create millions of new, well-paying jobs," he said.
"For example, if we can increase our exports to APEC countries by just 5 per cent, we can increase the number of US jobs supported by exports by hundreds of thousands," Obama said.
The APEC leaders urged to conclude the Doha trade talks in 2010 and said they firmly rejected "all forms of protectionism."
Free trade and open markets were the key to growth in the region, said Lee.
To ensure a durable recovery that would create jobs and benefit the people, the statement said, APEC "will pursue growth which is balanced, inclusive and sustainable."
"We will design social safety nets that provide short term
support but avoid long-term dependency," the statement added.
The APEC summit, the last such meeting of world leaders before the climate change talks to be held in Copenhagen next month, failed to deliver a clear and positive message on the crucial issue.
In their statement, the leaders reaffirmed their "commitment to tackle the threat of climate change and work towards an ambitious outcome in Copenhagen," noting that the efforts must be consistent with international trade obligations of their economies.
However, they did not set any goals for cutting the emission of greenhouse gas.
On the sidelines of the summit, Danish Prime Minister Lars Lokke Rasmussen flew in for a breakfast Sunday with 19 of the APEC leaders to announce the unlikelihood for a breakthrough to Copenhagen.
"There was an assessment by the leaders that it is unrealistic to expect that a full internationally, legally binding agreement could be negotiated between now and Copenhagen, which starts in 22 days," US Deputy National Security Advisor Michael Froman told reporters after the breakfast meeting.
APEC is home to more than 2.7 billion people and represents about 54 per cent of the global gross domestic product and 44 percent of world trade.
The forum groups 21 countries in East Asia and the Americas, including economic heavyweights such as the US, Mexico, Canada, China, Japan, South Korea and the seven largest economies of South-east Asia.
The Singapore summit marked APEC's 20th anniversary. Next year, Japan is set to take over the chairmanship of APEC, followed by the US in 2011.
The 2011 summit will be held in his home state Hawaii, Obama announced, adding that he was looking forward to seeing all APEC leaders decked out in flowered shirts and grass skirts.
A group photo with all leaders wearing an attire chosen by the host economy is the highlight of every APEC summit.
Obama had flown in from Tokyo, where he acknowledged that the US "has been disengaged" in recent years from regional organizations that promote security and prosperity in Asia, a reference to his predecessor George W Bush's rejection of international
organizations.
Obama also announced US readiness to engage in the little-known free trade deal as an initial step towards molding a region-wide trade agreement with the Asia-Pacific.
The Trans-Pacific Strategic Economic Partnership Agreement (TPP) was set up in 2005 between Brunei, Chile, New Zealand and Singapore, and some hope it will be used as model for a region-wide trade pact for the Asia-Pacific.
Washington's willingness to join the TPP may prove an important gesture that the US is serious about re-engaging with the region, which many Asian leaders feel has been ignored. - Sapa-dpa
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