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APEC leaders say protectionism will deepen crisis(EFE Ingles Via Acquire Media NewsEdge) Lima, Nov 22 (EFE).- The presidents of countries belonging to the forum for Asia-Pacific Economic Cooperation, or APEC, said Saturday that "protectionist measures" will only deepen the current economic crisis, and backed the G-20 plan of action. In a statement on the global economy, released the day of the first working session of the 26th APEC summit, which brings together 21 heads of state or their representatives in the region, a warning was sounded about the risk that "diminishing world growth could lead to calls for protectionist measures." In that sense they declared their "firm support for the G-20 Washington Declaration" and its plan of action for the "reform of financial markets." They also committed themselves for the next 12 months to "avoid 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. EFE ei/cd Copyright ? 2008 EFE News Services (U.S.) Inc. |