US President Barack Obama opened the plenary session of the Asia-Pacific Economic Co-operation (APEC) Leaders’ Week Meeting in Honolulu, Hawaii on November 14, calling on regional economies to make efforts for a more rapid, stable and sustainable growth.
At the session, the leaders of 21 APEC member economies discussed measures to boost the liberalisation of trade and investment in the region through the settlement of tariff and other barriers.
Taking place in the context of the fragile recovery of the world economy and a threat that the Europe public debt crisis can roll up the world in a new recession, this APEC meeting focuses on strengthening economic development and multilateral co-operation with the Trans-Pacific Partnership (TPP) agreement expected to pave the way for a free trade area among most Pacific countries.
The agenda of the meeting includes measures to boost regional economic growth, generate jobs and reform regulations as well as enhance the efficiency of energy and energy security.
Speaking at the plenary session, President Obama stressed that APEC sees an opportunity to achieve progresses on the path to a final goal for regional economic linkages.
The Asia-Pacific region plays an important role in the US’ economic growth and the US considers it a top priority because the country’s economic growth cannot be achieved without the success of Asia-Pacific.
Established in 1989, APEC is now the largest regional economic-trade co-operation mechanism with 21 member economies, accounting for 40% of population, 55 percent of GDP and 44% of trade of the world.