APEC vows to avoid mishapsCrown Capital Management

APEC vows to avoid mishaps

http://www.thejakartapost.com/news/2013/10/09/apec-vows-avoid-mishaps.html

Amid a backdrop of weakening global trade and slower growth in the region, the leaders of 21 Pacific-rim economies pledged to implement prudent policies to maintain stability at the APEC Summit in Nusa Dua, Bali, on Tuesday.

APEC vows to avoid mishaps

As the leaders wrapped up the summit, they declared the need to strengthen macroeconomic policies and work together to promote sustainable and inclusive growth in the region.

APEC vows to avoid mishaps

“We will implement prudent and responsible macroeconomic policies to ensure mutually reinforce able growth, to maintain economic and financial stability in the region and prevent a negative spillover effect,” said the leaders’ joint declaration.

APEC vows to avoid mishaps

The need for a sound policy was recognized amid fresh concerns over the state of the US economy, following a budget impasse that disabled some government functions in the world’s largest economy.

APEC vows to avoid mishaps

Unsound budget policies have caused a global spillover effect as growth in the US economy is predicted to contract.

APEC vows to avoid mishaps

US President Barack Obama’s absence at the summit, due to the impasse, to some extent affected the progress of the Trans-Pacific Partnership (TPP) negotiations, all the members of which are APEC countries.

APEC vows to avoid mishaps

His absence also paved the way for China, Russia and Japan to assert their influence in the region.

Aside from concerns over policy mishaps, the leaders also agreed to guard against pressure to raise new trade and investment barriers.

“To that end, we extended our standstill commitment until the end of 2016 and reaffirmed our pledge to roll back protectionist and trade-distorting measures.”