HIS Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam in his titah expressed satisfaction that everyone is on board to help mitigate the effect of the global financial crisis on the real economy.
His Majesty delivered the titah during the 16th Asia-Pacific Economic Cooperation (Apec) Leaders' meeting at the Leaders' First Retreat held on November 22 at the Ministry of Defence Convention Centre in Lima, Republic of Peru.
His Majesty also reiterated the importance of faster recovery by bringing back the confidence of the people through efforts that is global in scale and by reaching an agreement in the Doha round of the World Trade Organisation (WTO).
Upon arrival at the Ministry of Defence, His Majesty together with another 21 Apec leaders was greeted by the President Alan Garcia Perez of the Republic of Peru-cum-chairman of Apec 2008.
According to a report by RTB last night, during the first retreat session, His Majesty together with the other Apec economic leaders focused on the world economic slump with the commitment to respond swiftly to the distressed financial institutions, strengthen capital markets and to broaden and diversify the investor base.
The discussion also featured other topics such as the Food and Energy Security which were also discussed by His Majesty and another 20 Apec Leaders during the Retreat session.
This event was also followed by a Dialogue with Apec Business Advisory Council (Abac) in which His Majesty and other Apec Leaders were in attendance.
Abac was created by the Apec economic leaders to provide advice on business sector priorities and to respond to the various Apec requests for information on business-related issues or provide the business perspective on specific areas of cooperation.
The monarch together with the other leaders attended dialogue sessions with the members of Abac in which they exchanged views on current international issues such as the WTO and Doha trade negotiations and various strategic plans to tackle the current world economic crisis.
This year's theme for Abac, "Mind The Gap: Making Globalisation An Opportunity For All" will identify measures to transform growth of the Apec region into a lasting development and spread the benefits of globalisation more widely between and within the Apec economies to achieve trade and investment liberalisation, facilitating business and capacity building for sustainable growth and development.
His Majesty also exchanged talks with the President of Colombia, Alvaro Uribe, at a hotel in the Republic of Peru.
During the talks, President Alvaro Uribe informed His Majesty of Colombia's interest in joining Apec as well as the Trans-Pacific Strategic Economic Partnership Agreement.
His Majesty welcomed the Colombian interest, simultaneously noting that their participation would help enhance closer economic ties in the Asia-Pacific. Also present at the talks was Minister of Foreign Affairs Two, Pehin Dato Lim Jock Seng.
Diplomatic relations between Brunei Darussalam and the Republic of Colombia have been in force since 1992.
Later in the evening, His Majesty and the other leaders attended the Official Leaders' Dinner at the Banquet Hall of the Ministry of Defence hosted by President Alan Garcia Perez of the Republic of Peru.
The objectives of the Apec summit are to build dynamism of the Asia-Pacific community through economic growth and cooperation, capacity building and equitable development to strengthen the multi-lateral trading system among those participating in the WTO process.
By 2010, it is hoped that there would be an achievement of free and open trade in the Asia-Pacific region.
Apec has 21 member economies which account for more than a third of the world's population with over 50 per cent of its Gross Domestic Product (GDP). (SHS1 & SHR1)
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