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APEC wraps up with currency deal

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APEC wraps up with currency deal

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The APEC forum in Japan wraps up today with Asia Pacific leaders reaching agreement on refraining from currency devaluations, echoing commitments made at the G20 summit that preceded it.

There was also progress on the creation of a free trade zone in the world’s fastest growing region.

Leaders agreed too that it was critical to establish more balanced and sustainable growth.

During the two-day gathering, the American and Russian presidents held bilateral talks which ended with Barack Obama pledging to push Congress to approve a new weapons treaty. Such a deal would likely increase the chances of Russia backing the US over Iran.

Regional security strains simmered at the summit, mainly between Japan and China over disputed China Sea islands close to potentially vast maritime oil and gas reserves. However a 22-minute meeting between the two prime ministers was presented as a step towards improving relations.