10 Sep 2012

APEC promises to boost growth

8:47 am on 10 September 2012

Asia-Pacific nations have promised measures to boost growth after concern about the state of the world economy, global food security and growing signs of protectionism.

The Asia-Pacific Economic Cooperation conference in Vladivostok, Russia, agreed to slash import duties on green technology, such as renewable energy equipment, and to liberalise trade to counter problems heightened by Europe's debt crisis.

APEC leaders also reaffirmed their determination to ensure fair and open markets for farm produce.

Russia banned grain exports in 2010 after a failed harvest, so Russia's agreement to this in the official communique is seen as an important concession.

APEC's decrees are not binding, but its influence is growing because it accounts for 40% of the world's population, 54% of its economic output and 44% of its trade.