APEC Leaders Reaffirm Commitment to FTAAP

Описание: The Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting concluded in Manila on Thursday, with the 21-member economies issuing a joint declaration focusing on inclusive economic growth and a wider free trade area in the entire region - the Free Trade Area of Asia-Pacific (FTAAP).
According to the declaration, the leaders said that they will fully realize the vision of a stable, integrated and prosperous community in the Asia-Pacific region, in which all members can enjoy the benefits of economic growth and technological progress.

They said that the global growth is uneven and continues to fall short of expectation, adding that risks and uncertainties remain in the global economy, including inadequate demand growth, financial volatility, and structural problems weighing on actual and potential growth.

Holding this in mind, the APEC member economies agreed to build inclusive economies by supporting comprehensive and ambitious structural reforms so as to achieve positive economic, social, and environmental outcomes and promote good governance.

They also committed to deepen their financial markets, mitigate risks and foster micro, small and medium enterprises' (MSMEs) participation in regional and global markets as this year's APEC eyed the MSMEs as a major driver of regional economy.

Philippine President Benigno Aquino III told a press conference after the economic leaders' retreat that the leaders discussed critical regional and global issues they face as one Asia-Pacific region.

He added that the region need to focus more on its services sector.

"The services sector is becoming a more important part of the economic equation. It makes up approximately two-thirds of the GDP in the APEC region. And we need to put more emphasis and thought into making this sector even more competitive. This framework will lead a goal-driven road map for us to achieve over the next decade to help the sector thrive,” said Aquino.

As this year's APEC was held following a series of horrible terror attacks around the world, the leaders also called for increased international cooperation and solidarity in the fight against terrorism.

The APEC Economic Leaders' Meeting kicked off from Wednesday to Thursday and the annual meeting will be held in 2016 in Peru.
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