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APEC:partnership for growth

Monday, November 14, 2011

Laaska News  Nov. 14,2011
Anna Forostenko

   Photo: EPA  

The participants in the 19th APEC summit which took place in Honolulu over the weekend called for further liberalization of trade as essential for sustainable economic growth worldwide. The APEC countries, which the forum’s final resolution says account for nearly 60% of the global GDP, are fully capable of pulling the global economy out of the current economic pit.

Efforts in this direction will continue next year, when Russia takes over presidency in the APEC. The forum’s summit will take place in Vladivostok on the 8th and 9th of September 2012. Russia’s President Dmitry Medvedev had this to say.

“We’ll pursue infrastructure projects, address food safety issues and tackle  intellectual property problems. In a word, we’ll deal with issues crucial for Russia’s geopolitical importance.”

The agenda of the Honolulu summit also included measures against protectionism. A large number of countries have declared their intentions of taking steps in this direction but few are ready to do so. Now, the APEC countries have a rare chance of setting a good example for the rest of the world. They have confirmed their commitment not to put up any additional barriers in trade or investment projects till 2015 and vowed to promote trade by introducing more efficient methods of regulating their economies.

For Presidents Dmitry Medvedev and Barack Obama, the summit presented a good opportunity to sum up the results of their three-year partnership.

“Russia has plenty of achievements to demonstrate to the rest of the world. These are the Strategic Arms Reduction Treaty and the WTO agreements. They are all essential for Russia and other countries. As for missile defense, unfortunately, Russia can’t figure out what its partners want. Hopefully, we’ll work out our stance on missile defense-related issues in the near future.”

The Asia Pacific Economic Cooperation forum is planning specific steps to create a common economy to ensure greater integration within the region and expand mutual trade. To this end, the APEC countries will be taking measures to maintain market-oriented policies, promote innovative projects and secure economic growth.  They will also work to ease travel within the region.

Other points of the APEC agenda focus on an early transition to a low-carbon economy in order to guarantee energy security, find new sources for economic growth and create new jobs. One of the steps towards greater growth provides for reducing energy-intensive productions by 45% in 2035.   

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