The Straits Times
Published on Sep 09, 2012

Apec vows to fend off euro woes, boost finances


VLADIVOSTOK, Russia (AP) - Pacific Rim leaders pledged on Sunday to fend off the deepening damage from the European crisis and revive flagging growth in the region by supporting open trade, reforming their economies and strengthening public finances.

The 21-member Asia-Pacific Economic Cooperation forum wrapped up an annual summit in this far eastern Russian seaport Sunday, vowing to work together to support growth and restore confidence in shaken financial markets.

"Our work was constructive. We have specific results and I am satisfied with the outcome of the work," Russian President Vladimir Putin said of the event, which showcased Moscow's ambitions to expand trade and business along its long-neglected Pacific coast.

The leaders issued a statement welcoming European leaders' promises to help stabilize the crisis-stricken euro region and warning against "excess volatility" and distortions in financial markets. The Apec leaders said they would work to reduce deficits and imbalances in their countries' own finances.