APEC urged to ensure confidence on Asia-Pacific region via concrete actions: PECC

BALI, Indonesia - Asia Pacific Economic Cooperation (APEC) should translate its growth strategy into concrete action to ensure continued confidence on the Asia Pacific region, according to a press release issued by the Pacific Economic Cooperation Council (PECC) Saturday.

The group urged the APEC Ministers to recognize the challenges presented by the current economic environment to the region, especially emerging economies, and to send out a clear message that this region is ready to implement the reforms needed through the new growth strategy to continue to act as an engine of global growth.

While the global economy continues its recovery from the worst crisis since the Great Depression, the balance of concerns is shifting from advanced to emerging economies.

There is a danger that the volatile and unpredictable events or policy action would lead to disorderly adjustment and force member economies to take actions that might temporarily restore confidence but ultimately detract from the medium to long-term actions needed to boost growth, it is warned.

The group expressed the hope that through this series of meetings in Bali, APEC will demonstrate its ability to take on difficult issues and lead through example.

APEC has already articulated a strategy for inclusive, balanced, sustainable, innovative, and secure growth, and making progress on all of the elements of the growth strategy is believed to be the best way to ensure continued confidence in the region.

PECC is a network of member committees composed of individuals and institutions dedicated to promoting cooperation across the Asia Pacific region. PECC has 23 full member committees.