APEC nations pledge support for TPP

KAPOLEI, Hawaii -- Opening markets to freer trade is crucial to a lasting global economic recovery, Asia-Pacific leaders agreed Sunday as they wrapped up a summit that produced tangible progress toward a U.S.-backed regional trade bloc.

The plan to forge a Pacific free trade area got a big boost Sunday when leaders of Canada and Mexico joined Japan in expressing support for a deal that has received a cool reception from rising power China.

The news was a coup for U.S. President Barack Obama, who made progress on the pact one of his top priorities for the annual Asia-Pacific Economic Cooperation summit, held in his home state of Hawaii. It comes after Japan, the world's No. 3 economy, said Friday it wants to join the nine nations already involved in talks on what has been dubbed the Trans-Pacific Partnership.

In their summit declaration, leaders of the 21-member APEC said the region is now the vanguard for global growth thanks to previous progress in forging closer economic ties and free trade.

The meeting at a time of uncertainty for the world economy has strengthened the group's commitment to cooperation, the statement said. Leaders also agreed on measures to promote green-based economic growth to ensure energy security.

“We continued our efforts to try to get the global economy to grow faster, the strong and balanced growth that we need,” Obama said in a closing speech.

The balmy weather for the annual APEC gathering at a resort on the west side of the Hawaiian island of Oahu contrasted with deepening pessimism over the economic outlook as the leaders finished a day of talks on how to spur growth and create jobs. With Europe again on the brink of recession, Asia's vital role as a driver of global growth has gained even greater urgency.

IMF Director Christine Lagarde attended the summit, briefing the APEC leaders on the latest developments in Europe. The International Monetary Fund (IMF) will play a key role in coming months in overseeing efforts by Italy, and other ailing economies that use the euro common currency, to rein in debt.

Europe's quandary was among the wide range of issues that the leaders tackled in their one-day meeting.

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