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Submitted by unname1 on Thu, 11/11/2010 - 16:02
Asia-Pacific ministers on Thursday agreed to extend a freeze on trade barriers and pledged to work toward creating a vast free trade area in the world's fastest growing region.

But a Group of 20 (G20) summit of major economies in neighbouring South Korea -- beset by deep divisions over currencies, monetary policy and global trade imbalances -- is towering over the meeting of the 21-member Asia-Pacific Economic Cooperation (APEC) forum in Yokohama, south of Tokyo.

Nine of APEC's members also belong to the G20, including the world's biggest economies -- China, Japan and the United States. APEC leaders meet in Yokohama at the weekend, immediately after the Seoul G20 summit.

The APEC ministers agreed to extend a freeze on any fresh protectionist measures, which they first agreed at the height of the financial crisis in 2008, for another three years.

They also urged a conclusion to the moribund Doha round of free trade talks by the end of next year.

"While (the) world economy is on its way to recovery, however, there remains a possibility of increasing protectionist pressures in the future," the statement said.

A Japanese government official said it would send a message about free trade to the G20 meeting.

Reuters

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