APEC economies to seek new growth model and reject protectionism
By Asha Popatlal, Channel NewsAsia | Posted: 15 November 2009 2012 hrs

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SINGAPORE: APEC leaders have agreed to seek a new growth model and reject all forms of protectionism.

This was contained in a statement issued by the leaders at the end of their two-day meetings in Singapore on Sunday.

It was a tough agenda for the leaders of the 21 APEC economies as they worked through various thorny issues during their meetings.

But Singapore's Prime Minister Lee Hsien Loong, the host of the meetings, said in his sum-up that the discussions were candid and fruitful. And one thing the leaders were united on was prioritising ways to achieve strong, stable and sustainable growth.

For now, they agreed that the stimulus measures will have to stay in place until a firm economic recovery has taken place and urged a successful conclusion to the Doha Round of trade talks in 2010.

The leaders noted that the Asia-Pacific region is taking the lead in the global economic recovery. But they also realised that it is no longer "growth or trade as usual", with a very different post-crisis landscape.

Mr Lee noted at a news conference that new strategies will have to take into account realities like climate change and macro economic imbalances.

He said: "We know the old formulas are not going to work as well in the future because it's a different world. Therefore, you have to find another balance and another way where our people can prosper and grow in a sustainable manner which does not depend so much on the American consumer.

"And, at the same time, another factor which factors in climate change problems and the need to reduce carbon emissions. That means you have to grow less energy intensively, work more efficiently, higher production and less waste. And that means economic re-structuring in many countries."

While that will have to take place over a longer period of time, Mr Lee said the countries understand this is something that has to be done.

On climate change, questions were raised at the news conference on why the APEC Declaration did not mention carbon emission cuts.

Mr Lee explained that APEC is just the forum for a declaration of intent and that formal commitments will be made in the UN process leading to the Copenhagen meeting next month.

- CNA/ir