APEC Summit and the Declaration of Lima

Leaders from the Member Economies of the APEC decided to avoid protectionism and not raise trade barriers over the year 2009 in order to overcome the current global financial crisis. The agreement was done at the 16th summit held in Peru on November last year where members subscribed the Declaration of Lima, which also includes the encouragement of free trade, avoid economic recession and battle global warming.

APEC (Asia Pacific Economic Co-operation) was established in 1989 to further economic growth and prosperity for the region as well as to strengthen the Asia-Pacific community. The 21 APEC countries account for half the world’s economic activity, more than a third of the world’s population (2.6 billion people), and over 50% of world GDP (US$19,254 billion).