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APEC summiteers confirm commitment to creating free trade zone

October 05, 2013, 17:08 UTC+3
Ministers of the APEC CEO Summit have confirmed the commitment to creating a free trade and investment zone in the region by 2020
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Photo ITAR - TASS / EPA / DENNIS M. SABANGAN

Photo ITAR - TASS / EPA / DENNIS M. SABANGAN

BANGKOK, October 5 (Itar-Tass) - Ministers of the APEC CEO Summit have confirmed the commitment to creating a free trade and investment zone in the region by 2020.

In a final document the ministers gave an assessment to the economic development in the APEC countries. “Despite volatility in the region, long-term and medium-term prospects for the economic development are positive. Further growth will depend on the regional economies’ capacity to adapt to the changing global situation,” the document says.

At the same time, the summiteers voiced deep concern over the growth of inequality inside the region and between the APEC economies. This tendency poses a threat to progress, which has been achieved in the several 10 years. Concrete actions should be taken to solve the problem, the document says.

The ministers believe that the APEC countries should refrain from taking new protective measures at least till the year 2016.

The discussions involved 27 ministers from 21 countries. Russia was represented by Deputy Foreign Minister Igor Mogulov.

Key events of the summit with the participation of the heads of state and government from 20 countries will take place on October 7-8.

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