Monday, November 24, 2008

APEC leaders commit to quick economic action

LIMA (Reuters) - The United States, China, Japan and 18 other economies in Asia and the Americas promised fast and decisive action on Sunday to prevent a severe global economic downturn.

With recession gripping parts of the world and financial markets in chaos, leaders at the 21-member Asia-Pacific Economic Cooperation forum, or APEC, said the slowdown is "one of the most serious economic challenges we have ever faced."

They said free trade and higher government spending were key to resolving the crisis and supported a big push to revive long-stalled global trade talks by seeking agreements in the contentious sectors of farming and manufactured goods.

No comments: