APEC summit says no to protectionism

By Zhang Wen

The 20th APEC summit wrapped up on Sunday with calls for a fresh economics model and signs of nuclear-pact progress, but no agreement on climate change.

Australian Prime Minister Kevin Rudd(L-R), Brunei's Sultan Hassanal Bolkiah and Chilean President Michelle Bachelet attend the closing luncheon of the 17th APEC Economic Leaders Meeting at the Istana, Singapore President's office and residence, Nov. 15, 2009.(Xinhua photo)

Asia-Pacific Economic Cooperation forum leaders, after eight days of meetings, vowed to remake the world economy after the worst financial crisis in decades and decried protectionism and old models of growth.

"We firmly reject all forms of protectionism and reaffirm our commitment to keep markets open and refrain from raising new barriers to investment or to trade in goods and services," AFP quoted the concluding declaration as saying. "We need a new growth paradigm. We will pursue growth that is balanced, inclusive and sustainable, supported by innovation and a knowledge-based economy," it said.