"The meeting of APEC economic leaders this year was held at a crucial time. We met today while our region is facing a serious challenge," Yudhoyono said.
Nusa Dua, Bali (ANTARA News) - Indonesia`s President Susilo Bambang Yudhoyono formally opened the Asia Pacific Economic Cooperation (APEC) summit here on Monday, underlining the forum`s increasing role in ensuring regional economic growth.

"The meeting of APEC economic leaders this year was held at a crucial time. We met today while our region is facing a serious challenge," he remarked.

President Yudhoyono discussed the World Trade Organization`s report, which stated the world`s trade would only grow at around 3.3 percent, far below the average growth rate of 5.3 percent seen over the last 20 years.

"I believe the situation must be handled carefully," he noted.

According to President Yudhoyono, at this crucial time, APEC countries must be able to increase their cooperation and partnership.

Every APEC member, he said, must redouble efforts to maintain its sustainability and role as a pillar and safety belt for global economic growth.

"We have been able to contribute significantly to preventing the world`s economy from collapsing during the financial and economic crisis of 2008. I believe this time, together, APEC countries will be able to do the same," he added, referring to the recent financial crisis.

President Yudhoyono pointed to the current economic recovery in the APEC region, noting that according to the International Monetary Fund (IMF), the APEC region as a group is expected to grow by 6.3 percent in 2013 and 6.6 percent in 2014.

The IMF also predicts whether the GDP growth in the APEC region will increase from 4.2 percent in 2013 to 4.7 percent in 2014.

He said, however, that despite all these achievements, the Asia-Pacific region has yet to actively overcome several challenges, especially those related to the weakening growth in developing countries.

He noted that both internal and external factors have caused growth in developing countries to drop.

Internal factors include a large trade deficit, reliance on exports, and price instability, while external factors include the weakening of equity in the global market and increasing instability in the financial market.

APEC was established in 1989 as an economic cooperation forum to promote free trade and economic cooperation in the Asia Pacific region; it currently has 21 member countries.

This was Indonesia`s second opportunity to host the summit, with the first having been held in Bogor, West Java, in 1994.(*)

Editor: Heru Purwanto
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