Protectionist measures would only worsen the current economic crisis, leaders warned on Saturday at the 16th summit of the Asia-Pacific Economic Cooperation (APEC) Forum in a joint statement supporting the declaration from Washington.
"Protectionist measures only contribute to the deterioration of the current economic situation," the leaders of the 21 APEC member countries warned in a joint statement. The leaders support the declaration from Washington from last Saturday at the G-20 summit, and there will be no new barriers to investment in the exchange of goods and services for the next twelve months, according to the text. The heads of state and government of APEC, including U.S. President George W. Bush, emphasized their "strong belief that the principles of free markets, free trade, and investment regimes will continue to contribute to global growth, employment, and poverty reduction," as stated in the joint declaration. (H)
