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14 November 2011

Leaders of the Asia Pacific Region have concluded their summit meeting in Hawaii with an upbeat declaration that praises the success of the region in the economic sphere.

"Today, as we gather in Honolulu, in the heart of the Pacific, APEC Leaders look out on a region that is performing beyond even the most optimistic expectations. Our region is now the vanguard for global growth, a status that we have achieved through a steady commitment to the APEC mission of regional economic integration and to the Bogor Goals of free and open trade and investment", the final statement says.

The statement adds that "APEC’s core mission continues to be further integration of our economies and expansion of trade among us. We come together in APEC to pursue these goals, recognizing that trade and investment are critical to job creation and greater economic prosperity for all our economies. We further recognize that strengthening regional economic integration also plays a key role in promoting regional peace and stability".

Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries (styled "member economies") that seeks to promote free trade and economic cooperation throughout the Asia Pacific region. Established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional economic blocs (such as the European Union) in other parts of the world, APEC works to raise living standards and education levels through sustainable growth and to foster a sense of community and an appreciation of shared interests among Asia-Pacific countries. Members account for approximately 40% of the world's population, approximately 54% of the world's gross domestic product and about 44% of world trade.

US President Barak Obama and Russian President Dimitri Medvedev held a bilateral meeting on the sidelines of the Summit. According to this morning's issue of the Moscow Times, "the reset between Russia and the United States appeared to be in full force".

The summit of APEC will next year be held in Vladivostok.

source: commonspace.eu

photo: The Sultan of Brunei, the Prime Minister of Japan, the President of the United States, the Prime Minister of Australia and the Prime Minister of  Canada at the APEC summit in Hawaii yesterday (picture courtesy of the Whitehouse Press Service)

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