APEC leaders issue joint declaration on regional development

Leaders of the Asia-Pacific Economic Cooperation (APEC) members issued a joint declaration on Sunday in Vladivostok that outlines the future development of the region.

Under the theme of "Integrate to Grow, Innovate to Prosper," the leaders agreed that robust international trade, investment and economic integration are key drivers of strong, sustainable and balanced growth.

Against the backdrop that the global economy has continued to face a number of challenges and is subject to downside risks, the leaders said they welcome European leaders' commitment to take all necessary measures to safeguard the integrity and stability of the eurozone.

"We remain committed to reducing imbalances by strengthening deficit economies' public finances with sound and sustainable policies that take into account evolving economic conditions and, in economies with large current account surpluses, by strengthening domestic demand and moving toward greater exchange rate flexibility," the declaration said.