But they remained apprehensive on whether they would be able to achieve APEC’s original objective of fully opening up the region to free trade by 2010, a goal arrived at during a 1994 APEC summit in Bogor, Indonesia.
In their Busan Declaration, the APEC leaders also expressed concern over the impact of high oil prices in the region and agreed to respond to the issue urgently by "addressing the supply and demand of the energy market" and pledging to increase regional cooperation to combat corruption.
"We reiterated the importance of the Bogor Goals of free and open trade and investment in the Asia-Pacific, and we pledged to work towards this with the Busan Roadmap," the leaders said in their joint statement. "With this renewed commitment, this year, we dedicated ourselves to ensure a transparent and secure business environment in this region in order to lay a stepping stone towards our vision."
They expressed confidence that "important milestones have been set this year in paving the way for APEC’s future.
"We firmly believe APEC will increasingly contribute to its members’ prosperity and meet any new challenge with confidence," they stated in their Busan Declaration.
The 21 APEC leaders ended their two-day retreat here yesterday that was preceded by a ministerial meeting where APEC "deliverables" or commitments by member-countries on a host of issues were finalized.
In their declaration, they condemned past terrorist attacks in the region, saying "these acts constitute a clear challenge to APEC’s goal of advancing prosperity and its complementary mission of enhancing security."
They agreed to coordinate efforts to "dismantle trans-boundary terrorist groups, eliminate the threat of weapons of mass destruction and their means of delivery, and confront other direct threats to our region."
"We affirmed our commitment to ensure that any measure taken to combat terrorism complies with all relevant obligations under international law, in particular international human rights, refugee and humanitarian law," they said.
They also welcomed new initiatives on safe handling of and trade in radioactive materials; the reduction of airport vulnerability to portable anti-aircraft missiles and other weapons; and a framework for ensuring security of global trade.
The leaders recalled the "horrific" regional natural disasters last year and committed to take action to lessen the impact of future calamities and improve the APEC members’ capability to respond to disasters.
The Busan Declaration also endorsed an APEC initiative to prevent a possible bird flu pandemic. Member-countries have committed to effective surveillance, transparency and openness, and close domestic, regional and international coordination and collaboration.
The leaders also agreed to provide technical assistance among APEC members to limit avian influenza at its source and prevent human outbreaks.
APEC member-countries will draw up a list of available and funded regional experts and capabilities for responding rapidly to pandemic influenza in its early stages, and test for "pandemic preparedness."
They also pushed for exchanging information on border screening procedures and controls to increase transparency and reduce risk to trade and travelers.
To address high oil prices, APEC leaders agreed to increase cooperative efforts and investments to accelerate cross-border trade and accelerate energy technology development to reduce the region’s vulnerability and secure its energy supply.
"We emphasized the need to develop increased energy resources in ways that addressed poverty eradication, economic growth, and pollution reduction, and the need to address climate change objectives," the leaders’ declaration said.
However, as far as advancing free trade, the APEC leaders recognized that stronger steps must be taken to achieve the regional grouping’s objective in connection with the World Trade Organization (WTO) Doha Development Agenda and the 1994 Bogor Goals of free and open trade and investment in the Asia-Pacific by 2010 for developed members and 2020 for developing economies.
APEC officials said the WTO talks are threatened by a failure in achieving free and open trade and investment caused by a three-way quarrel between the United States, the European Union and developing countries over government subsidies of developed economies to their exports.
The crucial WTO talks are to be held in Hong Kong next month.
The leaders’ reiterated their support for the WTO with the firm belief that the engine of the region’s economic growth is a strengthened multilateral trading system.
"We believe that APEC, as a forum of the world’s leading trading economies, must manifest leadership in strengthening the multilateral trading system," the leaders said.
They issued a separate statement to show "strong political will" in which they declared firm support for the WTO Doha negotiations to proceed expeditiously to achieve "an ambitious and overall balanced outcome."
Trade Secretary Peter Favila said the Philippines joined the other developing countries in APEC in pushing developed countries to reduce their subsidies to make free trade competition fair.
"Generally, the sentiments of everyone, especially the developing countries like the Philippines, is for an acceleration of the reduction of subsidies in agriculture and this is where essentially the Philippines ought to benefit most from," Favila told reporters.
"Understandably, I would have to look after the interest of our local industries but at the same time, I need also to encourage them to be more competitive. I mean, this is what a global economy is all about. We open up ourselves to them as well."
Favila said there is a need for developed countries to understand the unique situation of developing economies and allow them to compete on a fair and level playing field.
"What we are saying is help us also in capacity-building so that we can match you guys (developed countries), but really, we have to accept that they’re up there and we’re still down there, but they need to reinforce us (developing economies)."