Apec vows to avoid mishaps
- 172 views
APEC vows to avoid mishaps ...
APEC vows to avoid mishaps
Amid a backdrop of weakening global trade and slower growth in the region, the leaders of 21 Pacific-rim economies pledged to implement prudent policies to maintain stability at the APEC Summit in Nusa Dua, Bali, on Tuesday.
As the leaders wrapped up the summit, they declared the need to strengthen macroeconomic policies and work together to promote sustainable and inclusive growth in the region.
“We will implement prudent and responsible macroeconomic policies to ensure mutually reinforce able growth, to maintain economic and financial stability in the region and prevent a negative spillover effect,” said the leaders’ joint declaration.
The need for a sound policy was recognized amid fresh concerns over the state of the US economy, following a budget impasse that disabled some government functions in the world’s largest economy.
Unsound budget policies have caused a global spillover effect as growth in the US economy is predicted to contract.
US President Barack Obama’s absence at the summit, due to the impasse, to some extent affected the progress of the Trans-Pacific Partnership (TPP) negotiations, all the members of which are APEC countries.
- Total Views
- Views on SlideShare
- Embed Views