The Asia-Pacific Economic Cooperation (APEC) has committed to pursuing “high quality growth,” described as a new approach reflecting members’ continued belief that free and open trade and investment is still key to regional prosperity, according to a statement released out of the Growth Strategy High-Level Policy Roundtable held August 8 in Beppu, Japan.

APEC’s new approach also “recognizes that economic growth should incorporate other factors - such as environmental sustainability - that are essential to future prosperity and citizen wellbeing,” the statement continued.

Five attributes of quality growth have therefore been selected for action, namely balanced, inclusive, sustainable, innovative and secure growth.

In the same statement, the participants referred to their respective senior officers working on all aspects of the growth strategy toward finalizing it at the November APEC Economic Leaders’ Meeting in Yokohama (which President Benigno Aquino is expected to join).