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Garcia’s approval rating increased by 8.1 points

Living in Peru
Jobana Soto

After hosting the big event that brought 21 leaders from the Asian-Pacific Economic Cooperation (APEC) forum to Lima, President Alan Garcia Perez has gained some popularity points from Peruvians satisfied that the president was able to promote trade and expand the country’s exports in future trade deals.

Garcia’s disapproval rating dropped 8.5 points to 69.2 percent according to a recent poll conducted by CPI. His national approval rating increased to 23.1 percent with Lima residents supporting the president a bit more at 28.1 percent.

Compared to the rising economy in Peru, many Peruvians feel salaries are still low and are not receiving the benefits from the booming economy.

Garcia has based the success of the Peruvian economy on free markets, promoting trade and attracting foreign investments. Recently, Garcia secured a free-trade agreement deal with China that was made official during the APEC summit last month.

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Direct Foreign Investment will Increase to 12,500 Million U.S. $ by 2009 because of APEC.

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Vice-President Giampietri was Recognized for his Work Organizing the APEC Summit

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Peruvian Chancellor Highlights the Importance of Diplomatic Visits to Asia after APEC Summit.

Peruvian Chancellor José Antonio García Belaunde stressed the need to reinforce diplomatic work in Asia after the culmination of the APEC Summit and before the eventual signing of new foreign trade treaties.

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PromPerú Gave Away 7 Thousand “Chullito” Key Chains to Visitors during the APEC

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Peru Expects to Conclude Free Trade Agreement with Mexico by Summer 2009

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Business Owners and APEC Officials have Discovered Peru says President of AMCHAM

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Next APEC Summit in Singapore

Prime Minister Lee said Singapore would advance the regional economic agenda by working on trade liberalization, simplifying regulations.

Leadership of APEC was handed over to Singapore on Sunday at the end of a summit which put out strong statements on free trade and the economic crisis.

In taking over the reins for 2009, Singapore said it would focus on regional economic integration as it built on the good work already done.

At the final session with 20 fellow heads-of-government, Singapore Prime Minister Lee Hsien Loong spelt out what the country planned to do as chair of the Asia-Pacific Economic Cooperation (APEC).

He told them that Singapore would advance the regional economic agenda by working on trade liberalization, simplifying regulations to make it easier to do business within APEC economies and improving transport and logistic networks between countries.

He described them as issues 'on the border', 'behind the border'' and 'across the border'.

The week-long meetings here had focused mainly on the current economic crisis, and ways to support the Group of 20's action plan cobbled together last weekend in Washington to battle the downturn.

Mr. Lee told Singapore media that while arguments and remedies were not taken further, the APEC summit provided leaders with an opportunity to exchange views on how each country was tackling the crisis.

No country was in 'panic mode'' as the financial crisis had stabilized somewhat, he said, but there was a clear realization that some contingency measures had to be in place if things took a turn for the worse.

He said it was 'significant'' that leaders were on the same page when it came to rejecting protectionism and committing themselves to resuming the Doha trade talks as it was not too long ago that trade liberalization was not as warmly embraced.

On Saturday, APEC leaders issued a standalone statement on the global economy, pledging among other things, not to raise new trade and investment barriers for the next 12 months.

It also said the economic crisis could be over in 18 months, what Mr Lee yesterday described as 'aspirational'' target rather than a prediction.

The leaders' intention was to signal to their populations that the crisis can be overcome or, as Mr. Lee put it, 'we will pull through.''

Support for an Asia Pacific-wide free trade zone, was also prominent in the joint declaration from leaders released at the end of the summit.

No one should expect a dramatic signing ceremony for an FTA among 21 countries, given the varied economies and 'political considerations which might complicate economic calculations'', said Mr. Lee.

But interesting steps had already been taken to move the process along, he added, pointing to the enlargement of the so-called P4 group of Pacific Rim economies committed to removing trade barriers.

What started as a nucleus comprising Singapore, Chile, Brunei and New Zealand now have three countries signing up for it, including the United States, making it a 'significant'' grouping.

One or two others were also interested in joining the pact, he said.

One advantage of starting small is that higher bar on trade liberalization can be achieved, unlike multilateral trade negotiations which will have to factor in the interests of many countries.

The rest can be grafted on, hopefully, without 'watering down'' the quality of the pact, which among other things, pledges to eliminate all tariffs in 12 years, with tariffs on 90 per cent of all trade in goods erased immediately.

APEC's 20th anniversary in 2009 is expected to be a busy time for Singapore given the Peruvians' experience. They logged 129 meetings in the run-up to the summit.
Mr. Lee left Lima right after the summit on Sunday for Sao Paolo in Brazil where he will address business leaders.

News source: The Straits Times

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APEC Leaders Committed to Reduce Gap between Developed and Developing Countries

The Economic Leaders of the Asia-Pacific Economic Cooperation (APEC) forum, gathered in Lima, under the theme: "A New Commitment to Asia-Pacific Development", chosen for APEC 2008, called for reducing the gap between developed and developing member economies.

"We are committed to strengthening the social dimension of globalization and ensuring that all members and all sectors of APEC economies can access the skills and opportunities to participate in, and benefit from, regional and global trade and investment.

The APEC Lima Summit posted a final declaration, which embraces 12 major topics of the Lima debate, affirms advancement towards mutually acceptable solutions of the most acute global problems.

Leaders said they will quickly and decisively address the impending global economic slowdown amid the current global financial crisis is one of the most serious economic challenges economies have ever faced.

“We welcomed the monetary and fiscal stimulus provided by APEC member economies and will take all necessary economic and financial measures to resolve this crisis, taking the necessary actions to offer hope to those most in need”, they said.

They said their resolve to address the deteriorating global economic situation, and support a prompt, ambitious and balanced conclusion to the WTO Doha Development Agenda (DDA) negotiations, is outlined in a separate statement issued at this meeting.
In the Lima Declaration they said they endorsed the 2009 work plan for the APEC Regional Economic Integration (REI) Agenda in order to build upon this year's accomplishments on REI and to accelerate efforts in all areas of this agenda.

“Last year we agreed to an ambitious long-term agenda to strengthen regional economic integration. We welcomed the 2008 progress report from Ministers and officials on efforts to achieve this goal”, the Declaration said.

At the same time, the APEC leaders stressed that globalization based on economic, social and environmental progress can bring sustainable benefits to all APEC economies, their business sectors and their people.

CSR can reinforce the positive effects that trade and investment have on growth, competitiveness and sustainable development.

“We encourage responsible and transparent business conduct that adheres to local legislation and regulations and takes into account guidelines related to CSR that have been developed by multilateral bodies, as appropriate”, they said.

APEC leaders welcomed the work that has been undertaken within APEC to promote CSR awareness and capabilities in the region, and future work that will encourage dialogue on CSR among relevant stakeholders including: businesses, governments, employees, communities, consumers, investors, and non-governmental organizations.
“We recognized ABAC's efforts in promoting CSR awareness and uptake in the region through the dissemination of information regarding CSR principles, practices and benefits”.

As well, APEC leaders encouraged companies to incorporate CSR into their business strategies to take account of social, labor and environmental concerns.

The development of CSR in the region will depend on the different domestic economic, social and cultural context of APEC members. We agreed to promote CSR practices in APEC economies on a voluntary basis in business operations of all sizes to complement public policies that foster sustainable development, the Declaration said.

News source: Andina

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APEC: Financial Crisis to be Overcome in 18 Months

The global financial crisis can be overcome within 18 months by acting "quickly and decisively," Pacific Rim leaders said Sunday as they pledged to make food cheaper, governments cleaner and markets more open.

But the 21 leaders, who represent more than half the world's economic power, offered few details of their recovery plan. The biggest accomplishment of the two-day summit was broadening support for the Washington Declaration made last weekend by major economies, pledging to maintain free trade despite domestic pressures.

"We are convinced that we can overcome this crisis in a period of 18 months," the leaders of the Asia-Pacific Economic Cooperation forum said. "We have already taken urgent and extraordinary steps to stabilize our financial sectors and strengthen economic growth."

The words of confidence were added early Sunday to a declaration the leaders had signed off on the previous day. Delegates from several countries said the changes were made overnight at the request of the summit's host, Peruvian President Alan Garcia.

"We have agreed that this meeting produce a clear and firm statement that breaks the vicious cycle of anguish and uncertainty," Garcia said. "We're going to beat the crisis united as the world's peoples, governments and businesses."

The 18-month timeline fits with a calculation by the International Monetary Fund, which forecast developed economies would grow barely 0.1 percent in 2009, and that the world would emerge from the crisis the following year.

But some delegates and analysts were skeptical that the 18-month timeline was much more than wishful thinking. A senior staffer of one country's delegation burst into laughter when pressed for details about how the leaders knew they could accomplish it.

"I think it's a good idea to send a signal to the markets," said Vinod Aggarwal, director of the APEC Study Center at the University of California-Berkeley. "I don't think it will make that much difference, but I don't think it hurts."

He said it was more important that the leaders agreed to send ministers to Geneva next month to jump-start the so-called Doha round of World Trade Organization talks. Concern over the global financial crisis has injected new urgency into the negotiations, which collapsed in July.

The APEC leaders also said they were deeply concerned about instability in food prices, were committed to battling corruption and piracy, and supported "decisive and effective long-term cooperation" to combat climate change.

The leaders called for greater APEC participation in the IMF and other multilateral lenders. Japan said last week it was ready to lend up to $100 billion to the Washington-based lending organization, but China has so far resisted entreaties to dig into its $1.9 trillion in reserves.

The summit could be the final foreign trip for George W. Bush as U.S. president. Barack Obama replaces him on Jan. 20, and delegates in Lima said there was little incentive to propose more concrete action without Obama's presence.

Obama, who did not send representatives to Lima, announced a plan Saturday to save or create 2.5 million jobs by the end of 2010 and prepared to introduce leaders of his economic team Monday.

News source: Yahoo World News

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