The 21 members of the Asia-Pacific Economic Cooperation (APEC) pledged on September 3 to implement fiscal policies conducive to sustainable economic development in the region.
In a communique released after a two-day meeting in the Chilean capital, APEC finance ministers said all member economies should adopt policies conducive to sustainable, common and fair development in the region and should build stronger institutions.
The global economy showed a strong pickup this year and indicated encouraging prospects for 2005 despite the risks imposed by soaring oil prices, said the communique.
It said the economy of the Asia Pacific region developed faster than the world average in the year, and the highest growth occurred in the emerging market economies, which should be attributed to proper macroeconomic polices, dynamic export and the resumption of domestic demand.
The finance ministers reiterated their support for the Doha round of talks of the World Trade Organization and hoped that the negotiations will soon produce concrete results.
The ministers also expressed support for actions to fight terrorism, which is threatening development and stability. The measures include compliance with internationally recognized requirements to curb money laundering, block channels to finance terrorism and better cooperation among the members in financial intelligence and customs.
The finance ministers' meeting was to make preparations for an APEC summit to be held from Nov. 19 to 21 in Santiago. Chiefs or representatives of the International Monetary Fund, the World Bank and other lending organizations also attended the gathering.
APEC comprises Australia, Brunei, Canada, Chile, China, China's Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam. Together the economies represent some 47 percent of global commerce and more than 2.5 billion people.