Singapore - Senior officials of the Asia Pacific Economic Cooperation (APEC) on Monday emphasized the importance of averting pressure on governments to take measures restricting trade by helping individuals and businesses to tide over the financial crisis.

"There was a strong consensus that restrictions on trade and investment would only deepen and prolong the economic downturn," said Ravi Menon, a top official at Singapore's Trade and Industry Ministry and chairman of the APEC Senior Officials' Meeting, which takes place from February 13 to 26.

Noting that fiscal, monetary, and credit facilitating measures by individual APEC economies had positive spillover effects on other economies, the delegates directed the APEC Secretariat to set up an information-sharing mechanism which would allow economies to share best practices in policy responses and identify possible areas for policy co-ordination and co-operation.

The officials agreed that it was important to monitor compliance with the commitment made by APEC leaders at their meeting in Lima in November 2008 to refrain from raising new barriers to trade and investment or stimulating exports in a manner inconsistent with World Trade Organization (WTO) rules.

They agreed that APEC's best contribution to sustaining growth in the Asia-Pacific region over the medium-term would be through accelerating regional economic integration. It would help cut business costs, and rebuild confidence.

They also said the economic crisis was an opportunity to carry out structural reforms that would help boost competitiveness and better position economies for recovery. (dpa)