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22 Nov, 2008 19:15

APEC leaders agree to reform World Bank and IMF

World leaders attending the APEC summit in Peru have approved plans to reform the International Monetary Fund and the World Bank. They have also agreed on a one year-long moratorium on new barriers to world trade and investment. They are meeting to plan a

The Russian president will discuss the world economic crisis and all aspects of security with APEC leaders, who are gathering for their 16th summit on Saturday. The 21 member nations of the APEC forum, accounting for nearly half of all global trade and 55% of the world's gross domestic product, include China and Russia. Peru, Chile and Mexico are the Latin American members.

“At the initiative of the Peruvian side special attention during the discussions will be paid to the global financial crisis and the results of the G20 summit in Washington, where the first step was taken towards forming the configuration of a new international financial system,” Russian presidential aide, Sergey Prikhodko, was quoted as saying by Itar-Tass news agency.

He added that the summit will also focus on various aspects of regional security that include food and energy security, the struggle against terrorism and the readiness for emergency situations like epidemics of infectious diseases.

Organisers are also hoping APEC countries will eventually take one stance on trade.

“One of the main messages that will come from this statement from leaders is the need to avoid protectionism in the region. We need to support the liberalization of trade,” said Gonzalo Gutierrez, Peruvian Vice Foreign Minister and APEC 2008 Chairman.

After the APEC summit conference in Lima, Medvedev on Monday will hold talks with the Peruvian president, Alan Garcia. After that the Russian president will leave for Brazil.

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