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Asia Pacific leaders to voice eurozone concern

Dunya News

Asia Pacific leaders will voice concern over eurozone crisis and vow to fight trade protectionism.

The leaders of the 21-member Asia Pacific Economic Cooperation group -- which includes the United States, Japan and China -- are set to hold two-days of annual talks in the Far East Russian city of Vladivostok starting Saturday.A draft of their end-of-meeting statement obtained by AFP reflects their concern over the impact of Europes debt crisis on economic growth in the Asia Pacific, and outlines broad details of how they will deal with the problem.Since we last met (in Honolulu last year), the global economy has continued to face a number of challenges and is subject to downside risks, the draft statement said.The financial markets remain fragile, while high public deficits and debts in some advanced economies are creating strong headwinds to economic recovery globally. The events in Europe are adversely affecting growth in the region.The leaders will resolve to work collectively to support growth and foster financial stability and restore confidence, according to the draft. They also plan to welcome the commitment of their counterparts in Europe to take all necessary measures to prevent a break-up of the monetary union.Russian President Vladimir Putin will host the APEC summit, with other key figures including US Secretary of State Hillary Clinton, Chinese President Hu Jintao and Japanese Prime Minister Yoshihiko Noda.Clinton is representing US President Barack Obama, who is campaigning for re-election. The leaders will say they intend to strengthen demand within their countries to make up for falling exports, while cutting public debt and implementing structural reforms, according to the draft, which gave few specifics.The leaders will also commit to currency exchange rates determined by the market and to refrain from competitive devaluation of currencies, the draft said.China is often the target of US allegations it is deliberately keeping the yuan low to make Chinese exports cheaper in the global markets, although Beijing has denied any currency manipulation.The leaders will also vow to fight rising protectionism, in part by refraining through to 2015 from raising new barriers to investment or trade in goods and services, the draft said.Drafts of communiques at international summits are often prepared in advance by negotiators, with the leaders then gathering to endorse or make changes.