Leaders of the Asia-Pacific Economic Cooperation (APEC) members committed Sunday to building a seamless regional economy through joint efforts.
The annual forum here concluded with the leaders agreeing to The Honolulu Declaration -- Toward a Seamless Regional Economy, which says: "In APEC this year, we have committed to taking concrete steps toward a seamless regional economy, in order to link our economies and markets ever closer together, to the benefit of all."
"We meet at a time of uncertainty for the global economy. Growth and job creation have weakened in many economies, and significant downside risks remain, including those arising from the financial challenges in Europe and a succession of natural disasters in our region," the document, posted on the APEC website, said.
The declaration said the challenges had only strengthened member economies' commitment to cooperation as the way forward. "Building on the Yokohama Vision, we firmly resolve to support the strong, sustained, and balanced growth of the regional and global economy," it said.
Leaders of the 21-member APEC said they recognized further trade liberalization was essential to achieving a sustainable global recovery in the aftermath of the global recession of 2008-2009.
The member states were deeply concerned about the impasse confronting the Doha Development Agenda and realized it was unlikely all elements of the agenda would be concluded in the near future, the statement said.
It urged World Trade Organization (WTO) members meeting at the Eighth Ministerial Conference next month to build on the commitment made at APEC through agreement on an anti-protectionist pledge.
APEC leaders advised officials to approach the upcoming WTO Ministerial Conference and negotiations beyond it with fresh thinking and a determination to explore fresh and credible approaches, including those that involve advancing specific parts of the Doha agenda where consensus might be reached on a provisional or definitive basis, the document said.
"We have pursued these objectives in 2011 by addressing next-generation trade and investment issues," the leaders said, adding that strengthening regional economic integration played a key role in promoting regional peace and stability.
The APEC leaders said they planned to take steps to further open markets and facilitate regional trade, including launching the APEC Travel Facilitation Initiative to make travel in the region faster, easier and more secure, and facilitating commerce and promoting economic growth by pursuing liberalization of air cargo services.
"In 2012, economies will work to develop an APEC list of environmental goods that directly and positively contribute to our green growth and sustainable development objectives, on which we are resolved to reduce by the end of 2015 our applied tariff rates to 5 percent or less, taking into account economies' economic circumstances, without prejudice to APEC economies' positions in the WTO," the document said.
APEC economies would take a series of steps to promote green growth goals, including aspiring to reduce APEC's aggregate energy intensity by 45 percent by 2035.
"Regulatory reform, including eliminating unjustifiably burdensome and outdated regulations, can boost productivity and promote job creation, while also protecting the environment and public health, safety, and security," the APEC leaders said.
"Enormous progress has been made. But our work toward a truly seamless regional economy is only in the beginning stages. We instruct our ministers and officials to carry forward this work and to strengthen the economic foundation of our shared Asia-Pacific community," they said.
International Monetary Fund (IMF) Managing Director Christine Lagarde backed the APEC goals, saying in a statement Sunday: "We need to work together to support growth that creates jobs, is inclusive, and benefits all. APEC embodies that spirit of shared responsibility and action."
"For APEC's advanced economies, this means primarily adopting strong medium-term fiscal consolidation plans, which will create space to accommodate growth and jobs now. For APEC's emerging market and developing economies, it means addressing underlying vulnerabilities, including better social safety nets; investing in infrastructure, health and education; financial sector reform; and exchange rate appreciation where necessary," she said.
A series of APEC meetings, including the summit-level APEC Economic Leaders' Meeting, the APEC Ministerial Meeting, the APEC Finance Ministerial Meeting, the APEC Business Advisory Council and the APEC CEO Summit, were held here from November 8 to 13.
