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Economy has begun to recover, says APEC

SINGAPORE: The forum of Asia-Pacific Economic Cooperation (APEC) on Sunday pledged to promote “balanced, inclusive, and sustainable growth to ensure a durable recovery.

Leaders of 21 APEC economies, who concluded a two-day summit here, noted that “the global economy has [now] begun to recover, with the Asia-Pacific region taking the lead.” However, “a new growth paradigm” was needed to create “a connected Asia-Pacific in the 21st century,” the leaders emphasised.

Singapore Prime Minister Lee Hsien Loong, who chaired the summit, later told journalists that the APEC leaders were “united” in wanting to implement strategies for “strong, stable, and sustainable growth”.

The summit was “not an occasion for negotiating climate change [accord],” said Mr. Lee, to a question.

The leaders recognised that “efforts to mitigate climate change are consistent with our international trade obligations”.

Mr. Lee said “we agreed to continue to promote free trade and open markets”. However, APEC was “not really ready to launch an APEC-wide single free trade area yet”.

The issue of enlarging APEC membership will be discussed at next year’s summit in Japan. If the moratorium on admitting members is lifted, India will be among countries to be considered.

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