• eng
11:32 GMT +3 hours21 December 2014
Live
World

APEC to Fight Protectionism, Boost Innovation

World
000
The Asia-Pacific Economic Cooperation forum will list trade liberalization, food security and innovative growth among its priorities following the group's summit in Vladivostok, the bloc's leaders said in a declaration on Sunday.

The Asia-Pacific Economic Cooperation forum will list trade liberalization, food security and innovative growth among its priorities following the group's summit in Vladivostok, the bloc's leaders said in a declaration on Sunday.

APEC will work to curb protectionism in line with WTO rules, avoiding creation of new economic barriers within the group, the declaration said.

The group's goals will also include increasing transparency and fighting corruption, as well as fostering green growth.

The bloc will also work at establishing reliable supply chains, increasing performance in this area 10 percent by 2015 in terms of cost, time and uncertainty of moving goods, the declaration said.

Another priority will be innovation, with the small, medium and micro-sized enterprises set to play an increasing role in innovative growth, group leaders said.

The heads of 21 APEC economies met in Vladivostok for two days of talks this weekend as part of the forum's annual summit, which took place in Russia for the first time. The next summit will be held in Indonesia.