Amid what are widely considered the most difficult economic circumstances since the creation of APEC, APEC ministers gathered here on Wednesday and Thursday to discuss the global financial crisis, food security, WTO trade talks and other issues.
"Our commitment is to strengthen regional cooperation through APEC (Asia-Pacific Economic Cooperation) to address the challenging financial and economic outlook, continue to promote trade and investment liberalization and facilitation, support structural economic reforms, improve human security, and ensure that all members of our economies have the training and opportunities to benefit from globalization," the ministers said in a statement after their two-day meeting.
APEC economies are committed to implementing all necessary measures to bolster the real economy and boost investment and consumption levels in the region, the statement said.
In response to the global financial crisis, the ministers expressed their intent to oppose protectionism. They also recommended that leaders of APEC economies agree not to raise current levels of applied import tariffs during the crisis.
"Ensuring a rapid, coordinated and effective response to the current global financial crisis is the highest priority for APEC economies and will be the focus of attention" when APEC leaders meet on weekend, said the statement.
At a press conference after the APEC ministerial meeting, Peruvian Foreign Minister Jose Garcia Belunde, who co-chaired the meeting, said the ministers have reaffirmed their opposition to trade and investment barriers.
With regard to the high cost of food, the ministers agreed to review and update the APEC Food System in 2009.
They agreed that APEC should work to bolster conditions conductive to investment and advances in agricultural research and development, and help economies take advantage of new agricultural technologies and methods, including voluntary efforts to help member economies benefit from the potential of agricultural biotechnology.
The ministers also voiced their belief that a resolution of the Doha Round of World Trade Organization (WTO) talks is more urgent as a result of the global financial crisis.
The ministers said APEC members would step up engagement with their partners to urgently advance the Doha Round negotiations, saying they have instructed senior officials to meet in Geneva this weekend to undertake required preparatory work expeditiously and call on other partners to participate.
"We urge all our partners... to show flexibility and make contributions toward an ambitious and balanced outcome," they said.
The ministers reaffirmed their commitment to protect human security, condemning all terrorist acts as criminal and unjustifiable, particularly the repugnant acts of suicide bombing and hostage taking.
The ministers also discussed APEC regional economic integration, trade and investment liberalization and facilitation, corporate social responsibility and other issues.
The 20th APEC ministerial meeting was held here on Wednesday and Thursday to make recommendations for APEC leaders' meeting this weekend.
A total of 3,600 delegates, including 19 leaders and 55 ministers, from APEC member economies are expected to attend the meeting.
The leaders would issue a special statement on the ongoing global financial crisis, Peruvian Deputy Foreign Minister Gonzalo Gutierrez said earlier this week.
Established in 1989, APEC groups Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam.