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Updated Thursday, November 12, 2009 2:05 pm TWN, By VIJAY JOSHI, AP

APEC ministers plot ways to sustain recovery

SINGAPORE — Nations must rein in stimulus spending, ensure stable growth and strengthen financial systems to ensure a thriving, prosperous global economy in the post-crisis period, Asia-Pacific finance and trade officials said Thursday.

Finance ministers from the Asia-Pacific Economic Cooperation forum's 21 member economies huddled Thursday in Singapore to discuss the pressing challenge of finding ways to sustain growth and encourage free trade at a time of fragile economic recovery.

The weeklong forum culminates in a weekend leaders' summit weekend that includes President Barack Obama, Chinese President Hu Jintao and Japanese Prime Minister Yukio Hatoyama, among others from Pacific Rim nations.

Restoring growth potential, withdrawing stimulus packages and meeting the region's massive infrastructure needs are key challenges facing the world economy after the crisis subsides, said a joint statement due to be released by the finance ministers.

A draft of the statement, obtained by The Associated Press, also called for freer trade and warned against resorting to protectionism. The ministers agreed that flexible exchange rates and interest rates are "critical" for allocating resources efficiently, it said.

"We are committed to supporting open trade and investment to advance Asia-Pacific and global prosperity and growth ... and (we) will actively resist protectionist measures," the proposed statement said.

The ministers also commit to strengthen financial supervision and regulations to prevent excess credit growth, blamed for the biggest financial crisis the world has seen since the 1930s, the draft said.

New Zealand Finance Minister Bill English told reporters New Zealand is gradually withdrawing stimulus and new spending in 2010.

"We are pulling back from pumping money in," he said. "The concern is that the U.S. needs to keep stimulating their economy because it's in a pretty bad shape. We are in a better shape, we can afford to pull back and get a more balanced recovery so that the private sector can get up and running, providing new jobs."

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	APEC Finance Ministers pose for a group photo in Singapore, Thursday, Nov. 12, 2009. Singapore will host 21 world leaders at the APEC summit later in the week. (AP) Enlarge Photo


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