• Asia Pacific leaders to tackle free trade, tariffs

They also pledge to decisively address risks to the global economy to restore confidence, financial stability and sustainable growth.

Meeting in Honolulu, the US from November 8-13, the ministers acknowledged that growth and job creation have weakened in the region, particularly in advanced economies, while inflation remains elevated in many. Capital flow volatility has intensified in response to heightened risk aversion.

Hosting the 18^th APEC Finance Ministers’ Meeting, US Treasury Secretary Timothy Geithner and other APEC Finance Ministers issued a joint statement that pledged to “take coordinated actions to strengthen the global recovery, reinforce financial sector stability, maintain open markets and build a foundation for strong, sustainable and balanced growth”.

Ministers reviewed the conclusions of the G20 and committed to take coordinated actions. Advanced economies committed to implement clear, credible and specific measures to achieve fiscal consolidation. Economies with large current account surpluses committed to reforms to increase domestic demand, coupled with greater exchange rate flexibility. 

Ministers committed to move more rapidly toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals. They also reiterated that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.