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APEC pushes for trade, growth amid world economic uncertainty (2)

(Xinhua)

11:16, November 15, 2011

In remarks to the APEC CEO summit on Saturday, Obama said the world was unlikely to see "massive growth out of Europe until the problem is resolved. And that will have a dampening effect on the overall global economy."

"But if we can at least contain the crisis," Obama said, "then one of the great opportunities we have is to see the Asia Pacific region as an extraordinary engine for growth."

APEC leaders, in their Honolulu Declaration -- Toward a Seamless Regional Economy, concluded they were meeting 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 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.

To realize the goal, a new way forward has been charted. Leaders have agreed 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 declaration said.


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