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APEC needs to reinforce free trade - Peruvian official

(Xinhua)
Updated: 2008-11-04 08:13

TRUJILLO, Peru -- The 21 members of the Asia- Pacific Economic Cooperation (APEC) forum need to reinforce free trade among them to fight international financial crisis, a high ranking Peruvian official said during an APEC Finance Preparatory Meeting held here on Monday.

According to a press statement released on Monday, Javier Kapsoli, representative of the Peruvian Ministry of Economy and Finances and Chair of the APEC Finance Preparatory Meeting, said the agenda of the 15th Finance Ministerial Meeting has changed due to the current global financial environment.

"The central idea is not to use this crisis as a pretext to get back to protectionist measures, but to continue to reinforce free trade tendency" in the region, he said.

He also stressed that Peru was able to face the current financial crisis because of Peruvian banks' mobility levels and of low level of public debt.

"Our situation is robust to face an economic crisis and even to keep obtaining growing changes, in spite of this recession. Thus, we have expected investment amounts of 35 billion U.S. dollars in different sectors for the next three years. This will allow us to continue with a good growing rate," he said.

Finance ministers and other high ranking officials of APEC gather from November 2-6 in Trujillo for the 15th Finance Ministerial Meeting.