Finance ministers of the Asia-Pacific Economic Cooperation (APEC) forum meeting in Moscow, Russia, today issued a communiqué expressing our joint commitment to strong, sustainable and balanced global growth. The communiqué also welcomes the commitment that European leaders have made to taking all measures necessary to ensure the stability of the Euro area.
In response to the headwinds that all of our economies are feeling from Europe, APEC members pledged to do all they could to boost growth. They emphasized structural reforms that will increase domestic demand and reinforce the reduction in imbalances that we see occurring in the region. They recommitted to bolstering financial sector stability and to policies that support the global recovery. The economies also pledged to remain vigilant on the price of oil and other key commodities and welcomed appropriate action by the International Energy Agency to ensure that the market is fully supplied in a timely manner.
For the United States, a key goal of the meeting was to further expand export opportunities for American workers and businesses. Exports are currently contributing more to our domestic recovery than during past periods of recovery, and we are making historic progress on the path to achieving President Obama's goal of doubling U.S. exports by the end of 2014. The Asia-Pacific region is a key market for American businesses, accounting for 60 percent of our exports. Since the beginning of the President's term, exports to the region have increased by 83 percent.
The United States was represented here in Moscow by Under Secretary of the Treasury for International Affairs Lael Brainard. Click here to view the full communiqué.
Kara Alaimo is the Spokesperson for International Affairs at the U.S. Department of the Treasury.