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Fact Sheet: Asia-Pacific Economic Cooperation Leaders Meeting
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For Immediate Release Office of the Press Secretary November 23, 2008

Fact Sheet: Asia-Pacific Economic Cooperation Leaders Meeting

ÿÿWhite House News

ÿÿÿÿÿ In Focus: APEC 2008

At the 16th Annual Asia-Pacific Economic Cooperation (APEC) Leaders Meeting
in Lima, Peru, President Bush and Fellow APEC Leaders Reaffirmed Their
Commitment to Enhancing Economic Growth, Prosperity, Security, and the
Quality of Life for all Citizens in the Asia-Pacific Community.

President Bush and other APEC Leaders Discussed The Current Global
Financial Turmoil and its Impact on the Asia-Pacific Region:
  þ The Leaders pledged to take coordinated action to restore stability to
    financial markets and economic growth.
  þ They endorsed the principles and the specific actions to implement
    those principles identified in the declaration issued at the Summit on
    Financial Markets and the World Economy.

President Bush and other APEC Leaders Took Concerted Action to Promote
Their Shared Goal of Free and Open Trade and Investment in the
Asia-Pacific:
  þ The Leaders endorsed a work program to strengthen regional economic
    integration and accelerate progress towards a Free Trade Area of the
    Asia-Pacific.
  þ The Leaders agreed on 15 sets of model measures for free trade
    agreement (FTA) issue-specific chapters to promote high-quality FTAs.

President Bush and other APEC Leaders Resolved to Agree This Year on a
Framework that Leads to an Ambitious Conclusion to the WTO Doha Development
Agenda and to Refrain from Raising Barriers:
  þ The Leaders challenged their counterparts within and outside of APEC to
    build on progress achieved to deliver a strong market-opening outcome
    that creates new trade flows in agriculture, industrial goods, and
    services.
  þ The Leaders pledged to reach agreement this year on modalities that
    leads to an ambitious and balanced conclusion to the Doha Round.
  þ The Leaders agreed to refrain from raising barriers to investment or to
    trade in goods or services, imposing export restrictions, and
    implementing measures to stimulate exports that violate international
    trade rules.

President Bush and other APEC Leaders Took Important Steps to Resolve
Practical Problems Confronting Commerce by:
  þ Launching an action plan to improve investment climates and increase
    investment flows.
  þ Endorsing steps to reduce trade transaction costs by 5 percent by 2010.
    ÿ
  þ Agreeing on the APEC Digital Prosperity Checklist to promote
    information and communication technologies as a drivers for economic
    growth
  þ Reaffirming their commitment to strengthen protection and enforcement
    of Intellectual Property Rights and streamline patent procedures.

President Bush and other APEC Leaders Welcomed Continued Efforts by APEC to
Ensure the Safety of the Region_s Food Supply:
  þ They endorsed the launch of the Partnership Training Institute Network
    (PTIN) to strengthen food safety training and called for additional
    steps to enhance food and product safety in 2009.

President Bush and other APEC Leaders Committed to Work Together to Address
High Food Prices:
  þ Leaders pledged regional cooperation, across a range of issues, to
    address the underlying factors behind high food prices, including
    efforts on trade, agricultural productivity, and promotion of research
    and development.
  þ They affirmed that concluding the Doha negotiations will be key to
    addressing high food prices.

President Bush and other APEC Leaders Reaffirmed Their Support for APEC
Efforts to Address The Interlinked Challenges Of Energy Security and
Climate Change:
  þ Leaders endorsed the Major Economies Leaders_ Declaration on Energy
    Security and Climate Change and reaffirmed their commitment to reaching
    an equitable and effective post-2012 international climate change
    arrangement at the UN Climate Change Conference in Copenhagen.
  þ They expressed appreciation for financial support from Australia,
    Japan, and the United States for the Clean Technology Fund.
  þ Leaders reaffirmed their commitment to meet the energy needs of
    regional economies through the operation of well functioning markets
    that promote trade in energy goods and services, as well as foster an
    improved investment climate for the development of energy resources.

President Bush Continued to Champion Key Transnational Security Issues in
APEC:
  þ Leaders commended APEC efforts to enhance regional emergency
    preparedness for natural disasters, including development of a
    strategic plan for increasing cooperation.
  þ Leaders directed APEC economies to increase technical cooperation and
    capacity building to improve food security, fostering increased
    agricultural productivity and improved markets, regulatory
    institutions, and distribution systems.
  þ APEC has made progress in working with private industry to protect the
    food supply from terrorism, and is taking steps to help economies clamp
    down on terrorist financing.
  þ Leaders also urged APEC members to strengthen cooperation to combat
    corruption and increase transparency.

Background on APEC:
  þ APEC was established in Australia in 1989 to promote economic
    cooperation and prosperity.
  þ The United States hosted the first meeting at the Leaders' level at
    Blake Island in 1993, and will host in 2011.
  þ APEC consists of 21 member economies, representing 60% of U.S. exports,
    55% of world GDP, 45% of world trade, and 2.7 billion consumers.

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