Archive for Monday, November 24, 2008

APEC: Crisis can be reversed in 18 months

November 24, 2008

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— Pacific Rim nations assured the world Sunday that the global financial crisis can be quelled in 18 months, but provided few details of how they expect that to happen — or how their governments can help.

The 21 economies, which represent more than half of the world’s productive power, also pledged during a two-day summit not to erect new protectionist barriers for the next year, and to jump-start stalled World Trade Organization talks.

The main accomplishment of the Asia-Pacific Economic Cooperation forum was a widening of support for the Washington Declaration made last weekend by major economies that pledged to maintain free trade despite pressures to protect domestic industries.

The leaders voiced confidence that the crisis could be resolved by mid-2010, though they did not go much beyond the steps outlined in the Group of 20 summit in Washington.

The reassuring words were added early Sunday to a declaration the leaders had signed off on the previous day. Delegates from several countries said the changes were made overnight at the request of the summit’s host, Peruvian President Alan Garcia.

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