At the 17th APEC Summit meeting held in Singapore, during the second session on Sunday (Nov. 15) titled “Retreat II: Connecting the Region,” President Lee Myung-bak engaged in in-depth exchange with world leaders on global economy and the reforms that should come after overcoming the crisis.

The leaders of the APEC member economies agreed on the importance of keeping up global coordination to overcome the economic crisis and pursue stable and sustainable growth for the future. The leaders also shared their views on pursuing inclusive growth that include the establishment of a social safety net and strengthening free trade through support of open markets and a speedy conclusion of the Doha Development Agenda among others.

At the end of the session a special statement for a new growth paradigm for the Asia-Pacific region in the 21st century was adopted, linked with the 2009 Statement for the APEC summit.

The statement confirmed a new growth paradigm for the future that is balanced, inclusive and sustainable. It also expressed support for open markets and multilateral trade that should be at, behind and across borders, reconfirmed the Manila Framework that forms a basis for Economic and Technical Cooperation in the region (ECOTECH) and promised to explore the possibility of free trade within the wider Asia Pacific Region (FTAAP: Free Trade Area of the Asia Pacific Region) by late 2010. 

After wrapping up his discussion with Stephen Harper, the Prime Minister of Canada, President Lee elaborated on agendas to be pursued at next year''s G20 Summit meeting, in line with the request of Singapore, the hosting nation of this latest APEC meeting. Korea was selected as the hosting nation of the G20 Financial Summit meeting in 2010. 

Lee stressed the importance of the items agreed upon at the G20 meeting in Pittsburgh in September, such as international coordination over an exit policy and the prevention of trade protectionism. He emphasized that Korea would be attentive to the voices of both developing nations and the emerging economies and therefore play the role of a bridge between APEC and the G20 Summit. 

President Lee emphasized that the vision of the G20 Financial Summit would not only benefit its member nations but the whole world, setting up a basis for cooperation between the G20 summit and APEC nations.