VLADIVOSTOK, RUSSIA, Sept 9: Asia-Pacific nations including China, the United States and Russia will promise measures to boost growth on Sunday and reject limits on food exports to try to revive the flagging global economy.
Countries on the Pacific Rim were expected to end a two-day summit on an island off the Russian port city of Vladivostok by expressing concern about the fragile state of the world economy, global food security and growing signs of protectionism.
The 21 members of the Asian-Pacific Economic Cooperation (APEC) group agreed to slash import duties on “green technology,” take steps to bolster growth and liberalize trade to counter problems heightened by Europe’s debt crisis.
“There’s a general sense that the world economy is a little fragile … But there’s confidence that we can get through this,” New Zealand Prime Minister John Key told reporters before talks began on the final day of their summit.
Several countries were worried that moves to crack down on protectionism were “going backwards,” Key said, adding: “The risk is that people will return to a fortress mentality.”
APEC, which also groups Japan, Malaysia, Indonesia, Canada and South Korea, makes decisions by consensus and its moves are not binding. But its influence is growing as Europe’s declines. It accounts for 40 percent of the world’s population, 54 per cent of its economic output and 44 percent of its trade.
Despite a drought that has hit crops in the United States and Russia, which are global wheat suppliers, the leaders agreed not to limit food exports and underlined the importance of open markets to ensure reliable food supplies.
They also endorsed a list of 54 environmental goods on which import duties will be reduced to no more than 5 percent by 2015, including equipment for renewable energy, waste treatment and environmental monitoring.
The 21 APEC members were also expected to confirm a commitment to a 10-per cent improvement by 2015 in the efficiency of industrial supply chains, by clearing transport bottlenecks and streamlining customs procedures.
Asked about a call by Putin to reserve the right to protect some goods during times of crisis, Key said: “I can’t see that being accepted at all.” (AGENCIES)
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