YONHAP NEWS

(LEAD) Lee, APEC leaders vow freer trade, joint efforts to fight recession

By Byun Duk-kun
SINGAPORE, Nov. 15 (Yonhap) -- South Korean President Lee Myung-bak and leaders of 20 other economies in the Asia-Pacific region agreed Sunday to cut back costs and procedural hurdles to facilitate freer cross-border trade within the year.

The leaders at the annual Asia-Pacific Economic Cooperation (APEC) summit agreed to reduce by 25 percent the cost, time and number of procedures their businesses face when trading across borders.

The streamlining will apply to firms or people in APEC countries starting a new business, getting credit, enforcing contracts or dealing with permits, according to a special statement issued by the leaders at the end of their two-day summit here.

   The regional forum consists of 21 economies around the Asia-Pacific rim who account for 53 percent of global gross domestic product and nearly half of world trade.

   "The global economy has begun to recover, with the Asia-Pacific region taking the lead. But we cannot go back to 'growth as usual' or 'trade as usual,'" the statement said.

   "The post-crisis landscape will be different. We need a new growth paradigm. We need a fresh model of economic integration," it added.

   The South Korean president earlier urged APEC leaders to note the outcome of a joint study by his country, Australia and New Zealand that suggested the possibility of building a free trade area in the Asia-Pacific region.

   In a separate longer document, called the APEC Economic Leaders' Meeting Declaration, the participants vowed to continue exploring "building blocks toward a possible Free Trade Area of the Asia Pacific (FTAAP) in the future."

   "An analytical study by officials shows that there are significant economic benefits from an FTAAP, as well as the challenges of establishing such an agreement," the declaration said.

   The leaders also endorsed efforts by the G-20 economic summit, the world's premier forum for international economic cooperation, to fight the ongoing global crisis, giving a significant boost to its leadership and South Korea, which will chair the G-20 summit in 2010.

   The South Korean president earlier urged the APEC leaders to support and work closely with the G-20 process, saying the international and regional conferences must work as "complementary groups."

   "We endorse the goals of the G-20 framework for strong, sustainable and balanced growth," the leaders said in their special statement.

   "Representing the economically most dynamic region in the world and accounting for half of global trade and output, APEC is well placed to provide the momentum necessary to achieve these goals," they noted.

   bdk@yna.co.kr
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