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APEC tackles issue of trade and climate

AAP logoAAP 20/11/2016

MAIN POINTS FROM APEC LEADERS' DECLARATION

* ECONOMY: World economic recovery is progressing, but uneven. Climate change poses a risk. Leaders recommit to free trade, sustainable economic growth and shared prosperity in the region, refraining from competitive devaluation of currencies and resisting protectionism.

* TRADE: Globalisation being called into question contributing to protectionist trends which could pose a risk to common APEC objectives and aspirations. No deadline on the start of negotiations for an Asia Pacific free trade area but work to continue on its eventual realisation. Aim to finalise the World Trade Organisation environmental goods agreement by the end of 2016.

* SERVICES: Set of targets and goals (APEC Services Competitiveness Roadmap) to be put in place by 2025 to boost trade in services across the region. APEC countries to reduce barriers, such as regulation, recognition of skills and improved telecommunications.

* CLIMATE: Goal of reducing aggregate energy intensity by 45 per cent by 2035 and double renewable energy in the regional energy mix by 2030, as well as phase out inefficient fossil fuel subsidies.

* TECHNOLOGY: Aim for seamlessly interconnected Asia-Pacific by 2025. Plan to get more women studying science and technology.

* 2017: The APEC hosting baton passes to Vietnam.

WHAT THE LEADERS SAID

"We have to give an unequivocal message to the world that trade continues being beneficial." - APEC host Peruvian President Pedro Pablo Kuczynski

"(Protectionism) is the way to poverty... We have seen this film before, the world did this in the 1930s after the Great Depression and made it much worse." - Australian Prime Minister Malcolm Turnbull.

"China will not shut its door to the outside world but open more." - Chinese President Xi Xinping.

"When it comes to trade, I believe the answer is not to pull back or try to erect barriers to trade... but rather the answer is to do trade right, making sure it has strong labour standards, strong environmental standards." - Outgoing US President Barack Obama.

"We have to make sure that the benefits of trade are shared widely." - Singapore PM Lee Hsien Loong.

"We need to win the argument for free trade." - New Zealand PM John Key.

"We know that trade is good for the middle class and those working hard to join it." - Canadian PM Justin Trudeau.

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