APEC wraps up on currency, trade themes

Nov. 14, 2010 at 8:19 AM
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YOKOHAMA, Japan, Nov. 14 (UPI) -- The Asia Pacific Economic Cooperation summit concluded Sunday in Yokohama, Japan, with pledges to reduce trade barriers and currency battles, the group said.

Japanese Prime Minister Naoto Kan spoke to reporters at the conclusion of the 21-member summit, saying APEC countries must seek increased trade and investment flows, Voice of America reported.

In a separate joint statement, national leaders reiterated a goal of the Group of 20 summit held in Seoul immediately before the APEC summit with regard to currency disputes, Japan's Kyodo news agency said.

"We will move toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals," the statement said, adding there was consensus "to refrain from competitive devaluation of currencies" to boost domestic employment and exports.

At a 1994 APEC summit in Indonesia, members vowed to have a free trade pact in place by this year, VOA said. While that hasn't happened, the group said progress has been made and more work needs to be done.

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