Questioning of globalization benefits stimulates protectionist trends.

LIMA, November 21. /TASS/. World economy is regaining its strength but running into more and more serious challenges, says a declaration endorsed by the leaders of Asia Pacific countries on Monday at the end of the APEC summit in Peru. "Eight years after Peru hosted APEC for the first time, the world economic recovery is progressing, but facing increasingly far-reaching and interrelated challenges," the document said. "The confluence of inequality in some economies and uneven economic growth, as well as environmental degradation and the risks posed by climate change, affect prospects for sustainable development, and deepen uncertainty toward the immediate future," the declaration said. "In addition, globalization and its associated integration processes are increasingly being called into question, contributing to the emergence of protectionist trends." "We reaffirm the important role of mutually-reinforcing policies to buttress our efforts to achieve strong, sustainable, balanced and inclusive growth," the country leaders said. "We reaffirm our previous commitments on monetary and exchange rate policies." "We will refrain from competitive devaluation, resist all forms of protectionism and not target our exchange rates for competitive purposes. We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability," the document said. "We reaffirm our commitment to keep our markets open and to fight against all forms of protectionism by reaffirming our pledge against protectionism through a standstill commitment that we agree to extend until the end of 2020 and to roll back protectionist and trade-distorting measures, which weaken trade and slow down the progress and recovery of the international economy," the declaration said. Read more