Apec needs to move more quickly in responding to the Asia-Pacific region's economic turmoil, an independent think-tank claims.
In its statement to economic leaders at the 21-nation forum meeting in Kuala Lumpur due to meet early next week, the Pacific Economic Co-operation Council (PECC) said Apec had a 'mixed record' for producing rapid responses to the region's problems.
The PECC is a non-government body of trade and finance officials, business leaders and academics.
It said part of the reason for its sluggish response so far was that the organisation had until recently operated in economic boom times and had not had to deal with serious downturns.
The council's chairman, Roberto Romulo, said the priority at this year's meeting was to come up with funding solutions to aid the recovery process and put an end to the uncertainty and risk factors which plagued Asia's financial markets.
'Only Apec leaders have the capacity to act now and to act boldly on key priority areas,' Mr Romulo said.
'They must act urgently on a regional response to the crisis.' The PECC called for the introduction of a financial peer review of economic performance among Apec members, saying this would help allay fears outside the region about Asia's investment risks.
