Ministers discuss trade and economy

Finance and foreign ministers from APEC economies have opened their meeting in Singapore, with free trade and the global financial crisis topping the agenda.

Even as other international issues are gaining increasing importance, the centerpiece of Wednesday's meeting is still the global economy.

Ministers warned that signs of an economic recovery are not solid, and that future growth hinges on freer trade and an improved social safety net in Asia. The rise of trade protectionist measures have also become a heated issue.

George Yeo, Singapore FM, said, "There's creeping protectionism now, but that is very dangerous, it's a slippery slope. And if we are not careful, before we know it all of us will be in a much more dire situation."

APEC member economies account for 40 percent of the world's population, more than half of global gross domestic product, and nearly half of world trade.

But member economies differ in development levels, which poses a big challenge to the organization.

George Yeo said, "If we do not look after those who are left behind, then their problems become our problems, and their travails may affect all of us. So the importance of always keeping an eye out for those who are not progressing as fast as others."

According to a draft statement, finance ministers from the 21 member Pacific rim group, will have a separate meeting tomorrow, to discuss stimulus plans. The forum of ministers culminates this weekend with a the APEC leaders' meeting.