Asia-Pacific Economic Cooperation (APEC) forum gathered in St. Petersburg

Facing a global economic slowdown and uncertainty in the financial sector, senior officials of the Asia-Pacific Economic Cooperation (APEC) forum gathered in St. Petersburg this week to set their priorities for 2012 aimed at boosting growth in trade and investment in Asia-Pacific, the APEC Secretariat in Russia said.

The meeting took place just three weeks after APEC Economic Leaders met in Honolulu, Hawaii, where they took concrete steps toward building a seamless regional economy to generate growth and create jobs. Philippine President Benigno S. Aquino III participated in the Hawaii forum.

Chairing APEC in 2012, Russia announced the theme for next year, “Integrate to Grow, Innovate to Prosper,” and pledged to facilitate APEC’s collective efforts to increase sustainability and the pace of development.

With full support from APEC member economies, a Russian senior official, Ambassador Gennady Ovechko, announced that APEC will seek to achieve tangible results based on the following priorities:

–Expanding trade and investment liberalization and regional economic integration;

–Strengthening food security;

–Establishing reliable supply chains; and

–Fostering innovative growth.

Ambassador Ovechko said regional economic integration plays a key role in promoting peace and stability.

Describing the shift towards the Asia-Pacific, he expressed concern that the Eurozone crisis could influence financial distortions on world commodity markets, trade and investment.

“To address these concerns, APEC will seek to make progress on a number of issues such as integration, investments, fighting protectionism, securing food markets, establishing reliable supply chains and fostering innovation policies,” said Ovechko, who chaired the Informal Senior Officials’ Meeting.

He said APEC has an important role to play in improving regional and global food security.

“Facing major challenges to the food supply, such as price fluctuations, APEC will search for sustainable development in the agricultural sector, facilitation of investment and trade, establishing efficient and resilient food markets and market infrastructure.”

“In 2012, APEC will pursue proposals for sustainable agricultural development and stable markets, including increased transparency, monitoring and information exchange on agricultural production, and developing policies for community resilience and a more inclusive food supply for socially vulnerable population groups.”

Ambassador Ovechko also said APEC will prioritize addressing the major chokepoints in supply chains to better ensure the smooth flow of trade.

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