Prime Minister Welcomes Commitments by APEC Leaders on Global Economic Crisis

News Release

23 November 2008

LIMA, PERU

Prime Minister Stephen Harper today welcomed a commitment by APEC leaders to follow the economic action plan agreed to earlier this month in Washington, including a promise not raise new barriers to trade over the next 12 months. The Prime Minister made the statement following the Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting November 22 and 23 in Lima, Peru.

"In these difficult economic times, it is absolutely critical that we follow through on the G20 action plan to restore growth to the global economy and to reform the international financial system," said Prime Minister Harper. "That means 'solid foundations and open doors' -- a financial sector that is well regulated, economic fundamentals that are sound, and an open trading system that is vigilent against the rise of protectionism."

While in Peru, Prime Minister Harper met with Colombian President Alvaro Uribe and witnessed the signing of the Canada-Colombia Free Trade Agreement, the Labour Cooperation Agreement, the Agreement on the Environment and the Double Taxation Convention. All of these agreements demonstrate Canada's commitment to open trade and investment.

"This unprecedented, strong new agreement will benefit all Canadians by giving Canadian exporters and investors across a number of sectors access to the growing Colombian market," said the Prime Minister. "The two parallel agreements on labour rights and on the environment will help us achieve objectives that both Canadians and Colombians support."

The Prime Minister met with Peruvian President Alan García and the two leaders discussed ways of moving forward on the Canada-Peru Free Trade Agreement.

Canada is also taking concrete steps at home to ensure the competitiveness of Canadian business. The Prime Minister announced that Canada has become a transitional member of the APEC Business Travel Card initiative, which facilitates business travel within the Asia-Pacific region. The card provides business travellers with expedited entry into participating APEC countries. Canada expects to be issuing cards to eligible business travellers by 2011.

APEC, which has 21 members, is the most important forum for economic cooperation in the Asia-Pacific region. Its members account for 54 per cent of world GDP, 41 per cent of world population and 42 per cent of global merchandise trade.

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Prime Minister Welcomes Commitments by APEC Leaders on Global Economic Crisis

News Release

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