APEC Leaders Adopt 2012 Joint Declaration
This year's APEC Summit came to a close on Sunday in Vladivostok, with leaders from 21 countries adopting a joint declaration that consists of specific agreements on liberalizing trade and investment, working toward regional integration, producing a more stable supply chain, enhancing food security and pursuing innovative growth.
In particular, President Lee Myung-bak proposed a set of cooperative measures to strengthen global food security in a keynote speech at the second session on the summit's last day.
Pointing out that the recent surge in international grain prices has a bigger effect on developing countries than rising crude oil prices do, President Lee suggested that the APEC member nations come to an agreement on four fronts.
First, banning food-exporting countries from putting a limit on their outbound shipments.
Second, staying away from the production of biofuels while strengthening cooperation in producing biofuels out of non-food crops.
Third, preventing speculative investment in grain, and lastly, enhancing agricultural infrastructure and regulations to encourage more investment in the sector.
Meanwhile, earlier in the day, President Lee met with U.S. Secretary of State Hillary Clinton, where they saw eye-to-eye on the need for cooperation among Korea, the U.S. and Japan to resolve the North Korea nuclear issue.
The two sides promised to continue to work closely together to urge the new North Korean leadership to give up its nuclear ambitions and carry out REAL economic reforms.
Describing the relationship between the two nations as being in a 'Golden Age,' Clinton stressed that the strengthened Korea-U.S. alliance would be a big part of President Lee's legacy, and she vowed to further develop their strategic alliance.
The Korean president also met with his Vietnamese counterpart Trung Tan Sang and agreed to work towards signing the Korea-Vietnam Free Trade Agreement as soon as possible. Negotiations began earlier this month.
Eoh Jin-joo, Arirang News.Vladivostok."
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