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Asia-Pacific Economic Cooperation (APEC) Peru 2008 Summit - A Special Feature

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The financial crisis threatening to plunge the world into recession can be overcome by mid-2010, leaders said at APEC Peru 2008 summit (November 22 to 23, 2008).

The 18-month timeline fits with a calculation by the International Monetary Fund, which forecast developed economies would grow barely 0.1 percent in 2009, and that the world would emerge from the crisis the following year.

The biggest accomplishment of the two-day summit was broadening support for the Washington Declaration made by Group of Twenty (G-20), pledging to maintain free trade despite domestic pressures.

The APEC leaders also said they were deeply concerned about instability in food prices, were committed to battling corruption and piracy, and supported "decisive and effective long-term cooperation" to combat climate change.

The leaders called for greater APEC participation in the IMF and other multilateral lenders. Japan said it was ready to lend up to $100 billion to the Washington-based lending organization, but China has so far resisted entreaties to dig into its $1.9 trillion in reserves.

Next summit will be held in November 2009 at Singapore.

NOTE: Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries (with a coastline on the Pacific Ocean) to discuss the regional economy, cooperation, trade and investment. The membership account for approximately 41% of the world's population, approximately 56% of world GDP and about 49% of world trade.

Since its formation in 1989, APEC has held annual meetings. Beginning in 1993, the annual meetings are named APEC Economic Leaders' Meetings and are attended by the heads of government.

India has requested membership in APEC. However, the decision was made not to admit more members until 2010. APEC is one of the few international level organizations where Taiwan has been allowed to join.

Current Members include: Australia; Brunei; Canada; Indonesia; Japan; Republic of Korea; Malaysia; New Zealand; Philippines; Singapore; Thailand; United States; Republic of China; Hong Kong, China; People's Republic of China; Mexico; Papua New Guinea; Chile; Peru; Russia; Vietnam

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