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Japan - Apec

Apec plans world's largest free-trade zone

Pacific Rim countries pledged to build the world's biggest free-trade zone at the 21-member Asia Pacific Economic Cooperation (Apec) summit in Japan Sunday. They vowed to resist  protectionist temptations as the world recovers from recession.

Retuers/Jim Young
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They call it the "most advanced pathway" to economic integration - designed to turn the Asia-Pacific area into a vast free-trade zone.

Earlier US President Barack Obama made an appeal to tear down trade barriers after turbulence just a day beforehand at the G20 summit of major economies.

After the summit, a declaration said that Apec leaders reaffirmed the common resolve to support the recovery in a collaborative and coordinated way.

They also pledged to refrain from competitive currency devaluations and emphasised the need to establish more balanced and sustainable growth.

Apec countries are responsible for more than half the world's economic output.
 

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