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Key Points of APEC Declaration

November 18, 1998

In Wednesday’s summit-concluding declaration, the 21 leaders of the Asia-Pacific Economic Cooperation forum:

_Reported some improvements in Asia’s financial crisis;

_Welcomed efforts to strengthen the world financial system and said developing countries should take an active role in doing so;

_Called for more international aid to generate jobs and alleviate the impact of the economic crisis on the poor;

_Commended Indonesia, South Korea, Philippines and Thailand for progress in implementing reforms;

_Urged ``new approaches″ to encourage investment back into Asia;

_Praised China for keeping its exchange rate steady and Japan for announcing a new stimulus package and pursuing financial reforms;

_Called for a review of private agencies that rate countries’ credit-worthiness;

_Reaffirmed APEC’s goal of free trade by 2020; and

_Did not call for regulations on currency trading.

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