IMF, World Bank & IFI Round-Up

Leaders of Asia-Pacific economies at an upcoming weekend summit will issue a call against protectionism and backing free trade, despite the global financial crisis, an official from host Peru said Nov. 17. The 21 nations in the Asia-Pacific Economic Cooperation (APEC) account for 60 percent of the world's GDP. "The main theme we followed in this … meeting is that we should avoid at any cost protectionism," said Peru's Deputy FM Gonzalo Gutierrez, who chaired the meeting, as cited by AFP. Gutierrez said that the 21-nation group should stick to its goal to achieve a free trade system in the region, echoing a call from world leaders at a G20 summit last weekend in Washington on the financial crisis.