Pacific Rim leaders back open trade

Pacific Rim leaders have pledged to fend off the damage from the European crisis, by supporting open trade, reforming their economies and strengthening public finances.

The 21-member Asia-Pacific Economic Co-operation forum wrapped up an annual summit in this far eastern Russian seaport today vowing to work together to support growth and restore confidence in shaken financial markets.

Russian President Vladimir Putin described the talks as constructive.

The leaders issued a statement welcoming European leaders' promises to help stabilise the crisis-stricken euro region and warning against "excess volatility" and distortions in financial markets.

The APEC leaders said they would work to reduce deficits and imbalances in their countries' own finances.