APEC ministers endorse 'market-oriented' currencies

Emergency measures put in place by APEC member governments, including some US$1 trillion in Asia alone and US$787 billion in the United States, prevented a deeper recession, Geithner said.

However, Australian Treasurer Wayne Swan told reporters before going into the APEC meeting: “What we have to do is to make sure that we don't withdraw global support too early.”

“In Australia's case, our economic stimulus peaked in the middle of this year and is being gradually withdrawn as we go through the rest of the year,” Swan said.

World Trade Organisation Director General Pascal Lamy cautioned of a false dawn in the recovery.

“There's certainly a recovery happening, certainly in this region, which has suffered less from the crisis than from other regions of the planet,” he told CNBC in an interview on the APEC sidelines in Singapore. “But I would be prudent whether or not this would be sustainable six months or a year from now.”

He said rising unemployment was the main threat to free trade and could spark greater protectionist policies around the globe.

APEC's trade and foreign ministers pledged to refrain from raising new barriers to trade and investment, and said a review of measures taken by member economies that began last July to ensure they were not protectionist would continue into 2010.

Climate Takes Back Seat

The ministerial meetings will be followed by a weekend summit of leaders of APEC, which is dominated by members of the Group of 20, including the United States, Russia, Japan and China.

Diplomats expect discussion on the sidelines on how to bring North Korea back to talks on ending its nuclear arms programme, and the United States' decision to engage Myanmar's junta.

On a side visit to Manila on Thursday, U.S. Secretary of State Hillary Clinton called for the unconditional release of Myanmar democracy icon Aung San Suu Kyi but suggested there could be high-level contacts with the country's military leaders at the summit this weekend.

The APEC meeting represents one of the final opportunities ahead of next month's Copenhagen summit for leaders to overcome differences on the shape of a climate pact to fight rising seas, more chaotic weather and threats to crops and livelihoods.

However, there is little prospect of new initiatives emerging in Singapore this weekend and the climate agenda might instead focus on liberalising trade in green goods and services.

APEC member economies account for 40 percent of the world's population across four continents, more than half of global gross domestic product and nearly half of world trade.

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