Lima, Nov. 23 (ANDINA).- The 21 member economies of the Asia-Pacific Economic Cooperation Forum (APEC) agreed today to take economic and financial measures to solve the world financial crisis, as it is stated on the Declaration of Lima, issued today by APEC leaders. “We welcomed the monetary and fiscal stimulus provided by APEC member economies and will take all necessary economic and financial measures to resolve this crisis, taking the necessary actions to offer hope to those most in need”, indicates the Declaration. Yesterday, Japan offered to grant loans for up to 100 billion dollars to the emerging economies through the International Monetary Fund (IMF) in order that they can overcome the financial crisis that restricts the credit lines of the international banking. China also announced recently that it will grant a fiscal estimulus of 586 billion dollars to maintain its domestic demand, and therefore a growth of at least eight percent a year, percentage that according the World Bank will help to avoid that the commodities’ prices drop in the international market. Likewise, in previous days, Korea announced an extra package of expenditure of 9.3 billion dollars and tax benefits. The financial market strengthening of the region was emphasized as a measure to advance in the regional economic integration. "We emphasized the importance of strengthening financial markets in the region and welcomed the capacity building activities initiated by APEC Finance Ministers to reform capital markets", says the Declaration. According to the Declaration, the present world financial crisis is one of the most serious economic challenges that economies have ever faced, so they will act decisively to face the imminent global economic slowdown. Main paragraphs of this declaration are :FINANCIAL CRISIS AND TRADE LIBERALIZATION. The current financial crisis is one of the most serious challenges we have faced ever. Act swiftly and decisively to deal with the impending global economic slowdown. We salute the fiscal and monetary stimulus provided by APEC economies and we will take all economic and financial measures necessary to resolve this crisis. Our determination to resolve the global economic situation which is deteriorating and support a rapid, ambitious and balanced conclusion of the negotiations of the Doha Development Agenda of the WTO (World Trade Organization) as outlined in a separate statement issued at the summit.
FREE TRADE AREA APEC. Last year we agreed an ambitious agenda in the long term to strengthen regional economic integration. We welcome the progress reported in 2008 by ministers and officials to achieve this goal. We support the work plan 2009 for the agenda of Regional Economic Integration (REI) to build on the achievements of this year at REI and accelerate efforts in all areas of this agenda. Our goal of free trade and investment and transparency will be achieved through a series of reform measures combined with unilateral liberalization bilateral, regional and multilateral levels. In this regard we welcome the progress made in reviewing the prospects and options for a possible free trade area in Asia-Pacific (FTAAP) as a long-term perspective. We note the council of ministers that although an FTAAP would probably be economically beneficial for the region, its creation also presents challenges. We instruct ministers and officials to take more steps in the consideration of perspectives and options for a possible FTAAP, including making a more analytical work on the economic impact of an FTAAP. In addition to instruct officials to take initiatives designed to promote greater convergence between the economies in key areas of the portfolio of APEC trade and investment, including areas such as customs administration, trade facilitation and border services.
FOOD SAFETY. We are deeply concerned about the impact that volatile prices of food combined with food shortages in some developing economies are having and our achievements in poverty reduction and the increase in real income in the past decade. The poor are particularly vulnerable to higher prices for groceries. We support a fully coordinated response and a comprehensive strategy to address this issue through the Comprehensive Framework for Action developed by the Task Force on Global Food Crisis UN. A rapid, ambitious and balanced conclusion of the negotiations of the Doha Round would bring about substantial improvements in market access and reduce distortions in global agricultural trade.
CORPORATE SOCIAL RESPONSIBILITY (CSR). We agreed that because of rising expectations among consumers, investors and entrepreneurs on global sustainable and responsible business practices, volunteer activities that make up the RSC will remain an important aspect in the business of the 21st century. We encourage companies to incorporate CSR in their business strategies to address social concerns, labor and environmental issues. The development of CSR in the region depend on the different domestic economic, social and cultural rights. Agree to promote CSR practices in APEC economies on a voluntary basis to supplement public policies that promote sustainable development.
FIGHT AGAINST CORRUPTION. Corruption in the public and private sectors is a serious threat to social and economic development in the region. We recognize that when criminal entities operate illegally with corrupt officials from public and private sectors, the result is a culture of impunity and financial exploitation of the legitimate economy. We agree to strengthen our collective will to combat corruption and illegal transnational networks to promote good governance, supporting public-private partnerships, promoting market integrity and transparent financial systems. We recognize that the criminalization of corruption may facilitate greater regional cooperation.
HUMAN SECURITY. Pledge our full cooperation to ensure that the flow of people, goods and investments remain safe and open and that markets operate without interruption. We urge ministers and officials of APEC to continue to contribute to ensuring the economy, trade, investment and financial systems in the region against terrorist attacks or misuse of money laundering using the trade. We welcome the ongoing efforts of the international community to combat piracy and armed assault in marine waters. The frequency and intensity of natural disasters linked to the distortion of weather patterns in the region is increasing. We agreed that significant challenges in this area are growing in complexity and require increased international cooperation. It takes a greater risk reduction, disaster preparedness for emergencies and expansion of local capacities for disaster management. We support efforts to prepare the economy for the accelerated recovery of areas affected by disasters.
CLIMATE CHANGE, CLEAN ENERGY SECURITY AND DEVELOPMENT. Successfully confront climate change will be crucial for new generations. Climate change must be addressed on a global basis, through international cooperation under the Framework Convention on Climate Change United Nations (UNFCCC) in 2009. Reducing poverty will probably be more difficult in developing economies more vulnerable to the adverse effects of climate change. We support an effective long-term cooperation beyond 2012 paa combat climate change under the UNFCCC, according to the principles of common but differentiated responsibilities and respective capabilities. Recognizing that climate change could impede the ability of economies to achieve sustainable economic growth and reduce poverty, we strongly support international cooperation and capacity building for mitigation and adaptation goals to be pursued in the same way. We also call for additional and coordinated efforts to better understand the vulnerabilities caused by the impact of climate change on our oceans and their resources to develop strategies for access to energy resources adequate, reliable, clean and that they can afford is vital to sustain economic prosperity in the region. We reaffirm our commitment to support the energy needs of regional economies by promoting open energy markets and free trade and investment in energy. These markets are crucial for the development of renewable energy and the spread of low-emission energy technologies.
INSTITUTIONAL REFORM. We pledge to strengthen the institutional process of APEC to ensure that it maintains its capacity to respond in a rapidly changing global environment. We welcome the progress in the appointment of an Executive Director of APEC Secretariat for a fixed period. We welcome the offer by Indonesia to host (the summit) APEC in 2013 and the invitation of the prime minister of Singapore to meet again in Singapore in 2009.
( Comment of Oscar Granda )
No doubt, recover the CONFIDENCE in the financial systems is the key to overcome this Global Economic Crisis. More dangerous that the financial Crisis generated in USA, is the panic transmited, the psychological shock and the fear to the people around the world. Presidents and Chairmans must recover the confidence in "the system" to their peoples and take the necessary steps, towards revive the global economy.
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