APEC ministers stress macroeconomic coordination, financial institution reforms
By Channel NewsAsia | Posted: 11 November 2009 1144 hrs

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SINGAPORE: Singapore Foreign Minister George Yeo said Wednesday there was consensus among his Asia Pacific Economic Cooperation (APEC) counterparts that the economic crisis is by no means over.

He warned the upturn now is a respite but the situation is still fragile, and the root causes of the problem still need to be addressed.

Coming out of a breakfast meeting, which was also attended by US Secretary of State Hilary Clinton, Mr Yeo told reporters that APEC ministers had discussed the importance of resisting protectionism at their informal meet.

He added that "creeping" protectionism seen now must be addressed or it would lead to a more dire situation.

During their meeting, APEC ministers also discussed macroeconomic coordination and the reform of financial institutions.

They made a strong call for APEC members to work together with the G20 group, which brings together industrial and emerging-market economies from around the world, including the European Union.

Mr Yeo stressed it is important for APEC to work with G20 to tackle economic challenges.

"It's only a few weeks since the meeting in Pittsburg. Ten of the leaders in Pittsburg are now here in Singapore and in a few months' time, they'll be meeting in Canada, and then in Korea and back to Japan for the next APEC leaders meeting," said Mr Yeo. "So it's very important for APEC, which makes up half the world's economy, and the G20, (to) work closely together."

The minister said there is agreement that APEC is important in bringing all four corners of the Pacific together, and it would help secure another generation of peace, which will make possible further development and economic progress for everybody.

Mr Yeo added that the ministers also discussed the need to address climate change with some urgency and the need for a good outcome in Copenhagen next month.

- CNA/yb