APEC Ministers Plot Ways To Sustain Recovery

VIJAY JOSHI

SINGAPORE (AP) — Nations must rein in stimulus spending, ensure stable growth and strengthen financial systems to ensure a thriving, prosperous global economy in the post-crisis period, Asia-Pacific finance and trade officials said Thursday.

Finance ministers from the Asia-Pacific Economic Cooperation forum's 21 member economies huddled Thursday in Singapore to discuss the pressing challenge of finding ways to sustain growth and encourage free trade at a time of fragile economic recovery.

The weeklong forum culminates in a weekend leaders' summit weekend that includes President Barack Obama, Chinese President Hu Jintao and Japanese Prime Minister Yukio Hatoyama, among others from Pacific Rim nations.

Restoring growth potential, withdrawing stimulus packages and meeting the region's massive infrastructure needs are key challenges facing the world economy after the crisis subsides, said a joint statement due to be released by the finance ministers.

A draft of the statement, obtained by The Associated Press, also called for freer trade and warned against resorting to protectionism. The ministers agreed that flexible exchange rates and interest rates are "critical" for allocating resources efficiently, it said.