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SINGAPORE: Senior officials from the 21 APEC economies kick-started their round of meetings on Sunday and a key topic of discussion was on broadening access to economic opportunities so that everyone can benefit from growth.
The meet was ahead of the APEC Leaders Meeting next weekend to finalise the outcome documents for their ministers and leaders to endorse.
The 21 APEC economies make up nearly 55 per cent of the world's trade, and their leaders' meeting comes at a time when much of the world is slowly recovering from the global financial crisis.
APEC's senior officials said the grouping's stance on trade is now clear, and vow to resist protectionism.
"During the early days, we were not sure whether free trade was more important or managed trade, or some kind of protectionism for our companies," said Michael Tay, executive director of APEC Secretariat.
"20 years later, APEC is all about free trade. So despite the financial crisis, the APEC leaders were one of the first to stand up and say we will not create new barriers at this time, we will resist protectionism.
"The crisis has shown that employment is a big issue. If employment falls, people become unsettled, anxious, then they want protectionism. APEC would have to, in the next few years, look at inclusive growth. It's a new idea under the Singapore chairmanship that APEC will be discussing in the next few years."
Chong Siak Ching, chairman of the APEC CEO Summit said: "Everyone is looking at what has gone wrong... we have to ensure we don't repeat the mistakes of the past.
"The CEO Summit that is happening at this point in time is a great opportunity for everyone who is a stakeholder in the global economy to come together and to discuss issues about rebuilding the global economy.
"There will be many important areas that will be covered. We are talking about global economic governance and that is important because many have attributed the crisis to a failure in the whole financial infrastructure, both at the regulatory level and the business community.
"There will also be discussions on how do we build a sustainable and a balanced economy, moving forward. We have to ensure that what we put in place today will sustain us in the long term."
Senior officials are holding two retreat meetings on Sunday and they say it is all about confidence building.
Tay said: "This year is particularly important because the crisis has struck all of us. None of us was immune and there was a sense of purpose among the officials and if you ask me about the mood, there is a true sense of partnership this year."
APEC's senior officials have also been discussing ways to improve the business environment in the 21 economies. Hence, they have come up with a proposal of having five target areas to be achieved, which would be put up to the ministers for an endorsement.
Officials have also held discussions on ways to move towards a Free Trade Area for the Asia Pacific.
APEC's leaders who meet next Saturday and Sunday are also expected to issue a statement on climate change ahead of the Copenhagen meeting next month.
APEC economies account for approximately 60 per cent of world energy consumption. In 2007, APEC leaders proposed a regional goal to reduce energy intensity by at least 25 per cent by 2030.
- CNA/yb
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