New Zealand's Prime Minister John Key (L), China's President Hu Jintao, Canada's Prime Minister Stephen Harper (C), Australia's Prime Minister Julia Gillard and Singapore's Prime Minister Lee Hsien Loong (R) talk before the Leaders' Declaration during the APEC Summit in Yokohama, south of Tokyo November 14, 2010. [Agencies]

Chinese President Hu Jintao on Sunday urged the Asia-Pacific Economic Cooperation (APEC) economies to promote liberalization and facilitation of trade and investment in the Asia-Pacific region.

Addressing the 18th APEC Economic Leaders' Meeting, Hu said that this year marked the deadline for the industrialized APEC economies to achieve the Bogor Goals of free and open trade and investment, adopted at a 1994 APEC summit in Indonesia.

"APEC should continue to uphold the spirit of the Bogor Goals, adapt to the changing situation and actively tackle new challenges, leverage its own strengths and further improve itself," he said.

Areas for APEC to play bigger role

The Chinese leader proposed APEC should play a bigger role in three areas.

First, further promote trade and investment liberalization and facilitation and accelerate regional economic integration.

"We should use this year's Bogor Goals Assessment as an opportunity to advance cooperation in this area and move faster toward unimpeded flow of goods, services, people and capital in our region," said Hu.

He also asked APEC economies to work for comprehensive and balanced outcomes of the Doha Round talks so as to achieve the goals of the development round at an early date.

Second, expeditiously implement the APEC Growth Strategy and improve the quality of economic growth.

"The Growth Strategy to be adopted at this meeting sets out the principles and guidelines for the economic development of our region in the years to come," Hu said.

The Chinese president said APEC needed to step up cooperation with G20 and other mechanisms to complement each other's strengths in the interest of speedy economic recovery and growth in the Asia-Pacific region and the world.

Third, increase economic and technical cooperation to strengthen developing members' capacity for development and their internal sources of growth.

"Closer economic and technical cooperation and narrowing development gap is the prerequisite for development and prosperity in the Asia-Pacific region," Hu said. "Human resources are the primary resource in economic and social development."

He said China has decided to undertake the APEC Skills Development Promotion Project with other member economies and to establish an APEC Skills Development Promotion Center.

Hu promised that China will unswervingly develop an open economy and remain actively engaged in international and regional cooperation.

"We will continue to grow our relations with other APEC members, and work with them to build a regional environment featuring peace, stability, equality, trust and win-win cooperation and contribute to the building of a harmonious Asia Pacific of enduring peace and common prosperity," he said.

At Sunday's session, the APEC leaders exchanged their views on the regional economic integration, the assessment of achievement of Bogor Goals by APEC economies, the Doha Round talks of the World Trade Organization and the future of APEC.

APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region.

The APEC meeting ended on Sunday with the adoption of a leaders' declaration that pledged further efforts in free trade and balanced economic growth.

Japanese Prime Minister Naoto Kan said APEC has for the first time formulated a new growth strategy for sustainable, balanced growth in the region.

Separate statements were adopted on the growth strategy, and a Free Trade Area of the Asia-Pacific and the Bogor Goals of free and open trade and investment.