APEC countries have agreed on economic cooperation and anti-protectionism

The adoption of the joint Declaration in the capital of Peru Lima on Sunday, November 20, concluded summit of the Asia-Pacific economic cooperation (APEC).

According to Deutsche Welle, the leitmotif of the document was the desire of all APEC economies despite the political climate, to work on the preparation of a new agreement on free trade as a mechanism for «sustainable, balanced and inclusive economic growth.»

«We reiterate our determination to keep our own markets open and resist all forms of protectionism», — stated in the document. Confirming these words, the summit participants agreed to extend to 2020 the moratorium on protectionist measures as well as decommissioning of existing programs, which weaken free trade, slow recovery and hinder the development of the world economy.

The summit also noted its commitment to reduce carbon emissions laid down in the Paris climate agreement. In this regard, APEC countries intend by 2030, doubling the share of renewable energy in the regional energy balance, and by 2035 would reduce energy consumption by 45 percent. In the summit Declaration noted the need for «stability and transparency of global energy markets».

In addition, the document also focuses on the fight against corruption. «We call upon all economies to take decisive anti-corruption measures in particular on combating bribery of domestic and foreign officials», — stated in the final Declaration of the summit.

The two-day APEC summit was attended by over 1,000 delegates from 21 countries, representing about 40 percent of the world’s population.

We will remind, on 30 October, the European Union and Canada signed a free trade agreement (SETA) at the summit in Brussels. SETH is regarded in the EU as a prototype for a much larger free trade agreement between the EU and US — the TTIP, the negotiations were virtually suspended due to strong resistance, in particular, from the European farmers.

APEC countries have agreed on economic cooperation and anti-protectionism 21.11.2016

Ноябрь 21st, 2016 by
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