Asia-Pacific Needs to Find New Incentives for Economic Growth

© AFP 2022 / JAY DIRECTOA man polishes a car, one of the hundred of new cars that will be used during the Asia Pacific Economic Cooperation (APEC) summit to be held in the Philippines later this month, in Manila on November 8, 2015
A man polishes a car, one of the hundred of new cars that will be used during the Asia Pacific Economic Cooperation (APEC) summit to be held in the Philippines later this month, in Manila on November 8, 2015 - Sputnik International
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The Asia-Pacific region needs to find new ways to reboot its slow economic growth, the secretary general of an official observer to the Asia-Pacific Economic Cooperation (APEC) said Monday.

MANILA (Sputnik) – On Monday, PECC presented its annual "State of the Region" survey for 2015-2016.

“APEC needs to urgently rethink growth strategies… There are many things region needs to do to further promote growth rate for the Asia-Pacific," Eduardo Pedrosa, Secretary General of The Pacific Economic Cooperation Council (PECC), told reporters on Monday.

Pedrosa, who noted APEC economic growth down from around 5 percent to 3.5 percent, cited China’s slowdown and failures to implement structural reforms as its main reasons. One of the ways to boost economic growth is removing trade barriers and promoting free trade agreements, he added.

Philippine policemen walk past an Asia Pacific Economic Cooperation (APEC) summit logo in front of the media centre in Manila on November 11, 2015 - Sputnik International
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"Initiatives that can boost future growth is the TPP [Trans-Pacific Partnership]. It would provide around $2.2 trillion to global GDP," Pedrosa said.

Ceferino Rodolfo, assistant secretary at the Philippines Department of Trade and Industry, told Sputnik earlier the ongoing APEC will not address Manila's membership in the controversial TPP trade pact.

The final text of the TPP was released to the public earlier this month after it was signed in October by the United States, Brunei, Chile, New Zealand, Singapore, Australia, Canada, Japan, Malaysia, Mexico, Peru and Vietnam.

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