APEC Summit Members Issue Plans for Recovery

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APEC Summit Members Issue Plans for Recovery

The 6th Asia Pacific Economic Cooperation (APEC) Summit Meeting ended on November 18 in Kuala Lumpur after issuing a communique.
The 21 heads of APEC-member countries held two plenary meetings at Cyber View Villa in Kuala Lumpur on this day.
President Kim, third from left, made a key-note speech on the Asian financial crisis during the morning session.
The communique which was signed and adopted by all the 21 APEC Summit members focused on an Asian economic recovery plan and is composed of 35 clauses in 16 fields.
This communique requires all the APEC countries to pursue cooperative economic growth because it is urgently needed to promote the rapid and strong recovery of the ailing Asian economies.
The communique prescribes growth-oriented macro economic policies be carried out which are suitable for the unique conditions experienced by every APEC country.
It also calls for an increase of financial help from the international community.
The communique demands that developed countries should promote domestic consumption in order to assist other APEC developing countries' growth, and the developing countries who are now suffering from the financial crisis in return should accelerate their restructuring efforts to the best of their ability.
Meanwhile, President Kim stressed once more in his keynote speech that financial help from such economic powers as the U.S., Japan, and China is indispensible for the recovery of Asian economies and countermeasures to cope with speculative 'hot' money are urgently needed.
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