APEC Leaders chart a new growth paradigm
Singapore, 15 November 2009 - "The post-crisis landscape will be different," say APEC Leaders. "We need a new growth paradigm. We need a fresh model of economic integration."
In a statement issued today, Leaders of 21 economies throughout the Asia-Pacific endorse the goals of the G20 Framework for Strong, Sustainable and Balanced Growth and declare their intent to "ensure a durable recovery that will create jobs and benefit our people."
Balanced growth
"Strong and sustained economic growth will require structural reforms to gradually unwind global imbalances and raise the potential output of our economies."
"We will ensure that our fiscal monetary, trade and structural policies are consistent with a more sustainable and balanced trajectory of growth, both within and across our economies."
"We will develop our financial markets to better serve the real economy."
Inclusive growth
"To achieve inclusive growth, we must broaden access to economic opportunities and build the resilience of the most vulnerable against economic shocks."
"We will help small and medium enterprises and women entrepreneurs gain better access to global markets and finance."
"We will facilitate worker retraining, skills upgrading, and domestic labour mobility."
"We will design social safety nets that provide short-term support but avoid long-term dependency."
Sustainable growth
"Future growth must be compatible with global efforts to mitigate climate change. At the same time, efforts to address climate change must be consistent with keeping trade and investment free and open."
"We will rationalise and phase out over the medium-term fossil fuel subsidies while providing those in need with essential energy services."
Connected Asia-Pacific
"We launched a pathfinder initiative led by Australia, Canada, Korea, New Zealand, Singapore and the United States to practice self-certification of origin so that businesses can better take advantage of free trade agreements in the region."
"We will strive to achieve by 2015 a collective 25 percent reduction in the cost, time, and number of procedures that our businesses face when starting a business, getting credit, enforcing contracts, dealing with permits, and trading across borders."
To view A New Growth Paradigm for a Connected Asia-Pacific in the 21st Century: Statement by APEC Leaders, Singapore, 14 - 15 November 2009, go to:
http://www.apec.org/Meeting-Papers/Leaders-Declarations/2009/2009_aelm/aelm_growthparadigm.aspx