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APEC leaders pledge decisive measures to tackle global crisis

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The leaders of 21 Pacific Rim economies rounded off their summit in Lima, Peru, on Sunday with a pledge to take decisive measures to tackle the global financial crisis.

LIMA, November 23 (RIA Novosti) - The leaders of 21 Pacific Rim economies rounded off their summit in Lima, Peru, on Sunday with a pledge to take decisive measures to tackle the global financial crisis.

In a joint declaration issued at the end of the two-day Asia-Pacific Economic Cooperation (APEC) summit the leaders said, " The current global financial crisis is one of the most serious economic challenges we have ever faced. We will act quickly and decisively to address the impending global economic slowdown."

"We welcomed the monetary and fiscal stimulus provided by APEC member economies and will take all necessary economic and financial measures to resolve this crisis, taking the necessary actions to offer hope to those most in need."

The 21 leaders, who make up around half of global trade, endorsed the results of the G20 summit held last weekend in Washington and vowed to reach an agreement on the stalled Doha round of World Trade Organization negotiations planned for next month.

"Our resolve to address the deteriorating global economic situation, and support a prompt, ambitious and balanced conclusion to the WTO Doha Development Agenda (DDA) negotiations," the statement read. 

The Doha round began in Qatar's capital seven years ago, but has stalled due to disagreements over farming subsidies in the U.S., the EU and Japan, and trade tariffs in emerging economies. 

In a statement issued earlier on Saturday, the APEC leaders said they would overcome the crisis within 18 months and pledged to refrain from raising new trade barriers and imposing new export restrictions for the next 12 months.

The member states, which include Russia, the United States and China, also pledged to continue "an ambitious long-term agenda to strengthen regional economic integration."

"Our goal of free and open trade and investment in the Asia-Pacific region will be achieved through a series of unilateral reform measures combined with bilateral, regional and multilateral liberalization," it said. 

In their joint statement the leaders also vowed to improve food security in the region recognizing the volatility of global food prices and the effect of food shortages on the poor and vulnerable.

"Individual and collective policy responses to expand food and agricultural supply in the region should strengthen market forces to encourage new investment in agricultural technology and production systems," the statement reads.

The statement also highlighted the need to combat corruption and terrorism in the region, and protect the "region's business and trade against natural, accidental or deliberate disruptions remains an enduring priority for APEC," and pledged to improve "risk reduction, disaster preparedness and management in the region" which they said "is a critical human security issue facing the region."

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