The leaders of 21 APEC economies, in a recently concluded two-day summit in Singapore, have said that the global economy is now beginning to revive, and the Asia- Pacific region is leading from the front. The forum of Asia-Pacific Economic Cooperation (APEC) vowed for the promotion of a ‘balanced, inclusive and sustainable’ growth to ensure a recovery which would last and endure.
They also laid emphasis on coming up with a ‘new growth paradigm’ which is the need of the hour if Asia-Pacific has to remain connected in the 21st century.
The Prime Minister of Singapore, Lee Hsien Loong, was the chairman at the summit and told reports that the leaders of the APEC economies were unanimously in favor of greater cooperation and wanted to come up with strategies which would ensure a strong and stable growth which could be sustained. He also added that the summit was not held to negotiate the climate change accord.
The summit is to be held in Japan next year and the issue of increasing the membership of APEC will be discussed, and if the abeyance on adding more members is removed, India will be one of the countries whose membership will be discussed.
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