APEC summit concludes, eyes inclusive growth

The two-day Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting concluded here on Thursday with the 21-member economies issuing a joint declaration focused on inclusive economic growth.

The leaders said they will fully realise the vision of a stable, integrated and prosperous community in the Asia-Pacific region, in which all members can enjoy the benefits of economic growth and technological progress, according to the declaration.

Pointing out that global growth is uneven and continues to fall short of expectation, the leaders said risks and uncertainties remain in the global economy, including inadequate demand growth, financial volatility, and structural problems weighing on actual and potential growth, Xinhua news agency reported.

They also committed to deepen their financial markets, mitigate risks and foster micro, small and medium enterprises' (MSMEs) participation in regional and global markets.

The economies also vowed to build sustainable and resilient communities, make urbanisation work for growth, invest in human capital development and enhance the regional economic integration agenda through strengthening collaboration and strongly supporting the work of the APEC and its other regimes.

Philippine President Benigno Aquino III said the leaders discussed critical regional and global issues they face as one Aisan-Pacific region, adding that "if past APEC meetings were highly technical discussions on trade issues, the discussions over the past couple of days have taken a broader approach".

In the declaration, the leaders also called for increased international cooperation and solidarity in the fight against terrorism since Russia and France just survived through terror attacks recently and China on Thursday confirmed that the Islamic State killed a Chinese national.

"Under the shadow cast by the terrorist attacks in Paris, Beirut, and against Russian aircraft over the Sinai, and elsewhere, we strongly condemn all acts, methods, and practices of terrorism in all their forms and manifestations," said the declaration.

"We will not allow terrorism to threaten the fundamental values that underpin our free and open economies," the declaration added.

In a separate statement, the leaders also vowed to continue to work closely to strengthen the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system

The document said that the early entry into force of the WTO Trade Facilitation Agreement (TFA), which was approved as part of the 2013 Bali Package achieved at the ninth WTO Ministerial Conference, would make a significant contribution to the sustainability of global trade and highlight the value of the WTO to its stakeholders around the world.

"In this regard, we recognise the leadership of APEC Economies, with more than half of them having ratified the TFA to date. We call upon the remaining APEC Economies to do so as soon as possible," it said.

The APEC Economic Leaders' Meeting was held on Wednesday and Thursday and the annual meeting next year will be held in Peru.