Leaders of the 21 Asia- Pacific Economic Cooperation (APEC) member economies pledged to further enhance regional economic integration here on Sunday.
The leaders agreed to accelerate efforts towards this object by further reducing trade and investment barriers, improving economic efficiency and facilitating integration in transportation, telecommunications, mining and energy, said a final statement launched at the conclusion of the two-day APEC Leaders Meeting.
The statement said the leaders have asked ministers and officials to carry forward work and report to them in 2008 with a summary of steps taken to promote regional economic integration.
"A successful conclusion of the Doha Round remains our primary trade priority," said the statement, adding that regional and bilateral free trade arrangements also play a valuable role in accelerating trade and investment liberalization and in bringing the APEC economies closer together.
The leaders will examine the options and prospects for a Free Trade Area of the Asia-Pacific through a range of practical and incremental steps, it said.
The leaders pledged to provide individual and collective leadership to improve the business environment by addressing the issue of trade and investment liberalization, according to the statement.
The leaders also agreed to further improve the efficiency of domestic markets, raise productivity, enhance the resilience of the economies and sustain strong growth rates through structural reform, it said.
It added that the leaders agreed to convene a meeting at the ministerial level in 2008 to address structural reform priorities in the APEC region.
The leaders supported the new APEC Trade Facilitation Action Plan, which will reduce trade transaction costs by further five percent by 2010, according to the statement.
The leaders agreed to continue to strengthen protection and enforcement of intellectual property rights in the region, it said.
They reached a consensus that the APEC region should take steps to improve the investment climate and acknowledged the importance of deep and liquid capital markets, said the statement.
It reaffirmed the leaders' commitment to strengthening cooperation on extradition, prosecution, mutual legal assistance and recovery of proceeds of corruption, in a bid to combat corruption and to build a predictable business environment.
Founded in 1989, APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia- Pacific region.
Source: Xinhua
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