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Peru’s president urges to take steps against protectionism in economy

November 18, 2016, 21:38 UTC+3 RIO DE JANEIRO

APEC summit will kick off in Peru’s Lima on November 19

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©  EPA/Ernesto Arias

RIO DE JANEIRO, November 18. /TASS/. President of Peru Pedro Pablo Kuczynski has called to take effort against protectionism in the global economy.

"We are facing a challenge in what concerns global trade: its growth has stopped in the recent years. We see that big companies have gone bankrupt or were forced to carry out restructuring. It is necessary to regain global trade growth and defeat protectionism," he said at a meeting with top executives of international companies held in Lima ahead of a summit of the Asia Pacific Economic Cooperation organization.

APEC is an international forum bringing together 21 leading economies of the world for cooperation on trade and economic development of the region. Creating the system of free and open trade and a liberal investment regime in the Asia-Pacific region has been declared the main task for APEC until the year 2020.

APEC nations account for 57% of global GDP, for 48% of global trade, and 40% of the global population. APEC summit is due to be held in Peru’s Lima on November 19-20.

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