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WB president: APEC successful in promoting trade

(Xinhua)
Updated: 2009-11-10 16:10

SINGAPORE: World Bank President Robert B Zoellick said here Tuesday that the Asia-Pacific Economic Cooperation (APEC) had been successful in promoting openness and trade.

"The APEC has been quite successful in trying to create conditions for people to act in mutual and self-interests that open doors and reduce costs," said Zoellick at a high-level symposium to mark APEC's 20th anniversary.

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He said that the APEC is also working with the World Bank in reducing trade barriers and customs procedures to further facilitate trade in the region.

Zoellick said that one of the successes of the APEC is that its members had effectively managed their differences.

Amid the global financial crisis, the APEC members continued to work together to emphasize the positive side despite their differences, he said, noting that this set an example for other global arrangements.

If APEC members can move forward in this way, they will demonstrate the wisdom of APEC's founders, he said.

The Asian economy had been on the path of slow but healthy growth, he said, noting that the real challenge for the region is "what structural changes you need to increase the possibility of growth."

The WB president said that he was optimistic about the future of the APEC, and he used the word "forward" to sum up his optimism.

The symposium was held on the sidelines of the APEC Leaders' Week which kicked off Sunday and will culminate on November 14-15, when leaders from 21 members of the APEC hold their 17th meeting.

The theme of the symposium is "20 years in history: Breaking down barriers, Connecting the region and the World."

The panellists for the symposium include a number of current APEC ministers as well as former APEC personalities.