Tue, November 04, 2008
World > Asia-Pacific

APEC plans to build "protection line" against financial crisis

2008-11-04 04:53:18 GMT2008-11-04 12:53:18 (Beijing Time) xinhuanet

TRUJILLO, Peru, Nov. 3 (Xinhua) -- The 21 member economies of the Asia-Pacific Economic Cooperation (APEC) forum are planning to build a "protection line" against international financial crisis, said Peruvian Vice Minister of Finance Eduardo Moron on Monday.

The current global financial crisis and price volatility of food prices at regional and global levels top the agenda of a two-day meeting of Vice Financial Ministers of APEC which began on Monday in Trujillo, northwestern Peru.

"Not every APEC economy needs to be sent to the 'emergency room' or to be helped by the International Monetary Fund, but we will construct a second protection line in a coordinated manner," Moron, who presides over the meeting, told reporters.

On food prices, he said that the APEC members "were analyzing carefully food prices in the future, with hope that world agriculture offer stabilizes and even increases."

"Pressure on food prices is slow, but we are working to be prepared," he said.

Together with vice financial ministers of APEC Economies, senior officials from international finance organizations, such as the World Bank, the International Monetary Fund, the Asian Development Bank and the Andean Corporation of Promotion, also attended the meeting.

The meeting of vice financial ministers, followed by a meeting of financial ministers on Wednesday, is expected to pave the way for the annual APEC summit to be held on Nov. 22-23 in Lima, Peru, where 21 leaders of the member economies will discuss the ongoing financial turmoil and a plan for a new Asia-Pacific free trade community.

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