APEC Leaders Agree to Allow Free Markets to Solve Global Financial Crisis

Leaders participating in the APEC summit in Peru have pledged to allow free markets to solve the growing global financial crisis, declaring a policy of protectionism would only worsen the situation.

The Asian-Pacific leaders issued a joint statement declaring, “There is a risk that slower world economic growth could lead to calls for protectionist measures which would only exacerbate the current economic situation.’

APEC leaders endorsed the platform that was shaped at the recent Group of 20 meeting in Washington in which the participating countries agreed to open markets to stimulate financial growth.

The APEC statement continued, “We strongly support the Washington Declaration and will refrain within the next 12 months from raising new barriers to investment or to trade in goods and services [and from] imposing new export restrictions.”

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