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Asia-Pacific nations pledge growth, fret over economy

Asia-Pacific nations including China, the US and Japan promised measures to boost growth on Sunday and rejected limits on food exports to revive the flagging economy.

business Updated: Sep 09, 2012 21:34 IST

Asia-Pacific nations including China, the US and Japan promised measures to boost growth on Sunday and rejected limits on food exports to revive the flagging economy.

The 21 members of the Asian-Pacific Economic Cooperation (APEC) group agreed to slash import duties on “green technology”, take steps to bolster growth and liberalise trade to counter problems heightened by Europe’s debt crisis.

Despite concern about Europe’s debt problems, APEC welcomed European leaders' attempts to resolve the crisis.

APEC, which also groups Malaysia, Indonesia, Canada and South Korea, makes decisions by consensus and its moves are not binding. But its influence grows as Europe’s declines.

It accounts for 40% of the world’s population, 54% of its economic output and 44% of its trade.

In the United States, China and Japan, it has the world’s three largest economies.