Money Matters - Simplified

APEC focuses on European crisis and world economic growth

As the Asia Pacific Economic Cooperation (APEC) summit enters its final day on Sunday, it seems that the key issues like free-market growth, European recession, and “green” technology promotions have dominated the talks.

The 20th APEC marks promising measures from countries like China, United States and Russia for boosting trade growth by combating economic hitches currently looming on world markets.

Food insecurity and “green” technologies dominate
As the 20th APEC event at Vladivostok (Russia) expects to wind up its final rounds today, it has marked a significant achievement where the 21 member cooperation has agreed on slashing import duties on “green” technologies.

As leading economists forecasted, the APEC member nations made deliberate efforts on handling impending food-crisis issue by rebuffing food exports strategies limiting trade of food items.

The strategies are reportedly accepted by a number of economies out of growing food insecurity and thereby creating serious trade barriers.

APEC talks on European crisis
While the Vladivostok summit cracked down on measures to bolster world economic growth and trade liberalization, the looming European crisis also dominated the summit.

The Pacific Rim leaders stressed on the fact that European crisis needs immediate Asia-Pacific attention and the matter could be alleviated by securing public finance and bring open trade reforms in the region.

The joint statement issued by the APEC leaders focusing on combating European crisis read as ‘The events in Europe are adversely affecting growth in the region. In such circumstances, we are resolved to work collectively to support growth and foster financial stability, and restore confidence.’

Moscow's trade intentions along Pacific line
The APEC summit also indicated Moscow’s interests in spreading its trade activities along the Pacific coast, as its relations with the region has been on a standstill since long.

Much before concluding the summit, the APEC host and Russian President Vladimir Putin appreciated the kind of feedback he has received owing to his constructive efforts on spreading trade and business across borders.

Putin put forward his outlook on current economic traits and said, "The global economic recovery is faltering. We can overcome the negative trends only by increasing the volume of trade in goods and services and enhancing the flow of capital."

China to host APEC 2014
The APEC 2014 summit along with its related events will take place in China divulged Chinese President Hu Jianto on Saturday.

"China wishes to take this as an opportunity to deepen cooperation with other APEC members and make fresh and even greater contributions to the development, prosperity and people's well-being in the Asia-Pacific region and beyond," he said.