II. Promoting Innovative Development, Economic Reform and Growth

28. We realize that the prospects for the shared prosperity of APEC will depend on innovative development, economic reform and growth in the region, which are complementary and mutually reinforcing. We recognize that the Asia-Pacific region is at a crucial stage of economic transformation. We are committed to accelerating the pace of reform and innovation, and exploring new growth areas with the goal of bolstering the position of the Asia-Pacific as an engine for world economic growth. We agree to strengthen macroeconomic policy coordination with a view to forging policy synergy, and creating a sound policy environment for the robust, sustainable, balanced and inclusive economic growth in the region.

29. We endorse the APEC Accord on Innovative Development, Economic Reform and Growth (Annex C) which identifies Economic Reform, New Economy, Innovative Growth, Inclusive Support and Urbanization as the five pillars for promoting experience sharing, policy dialogue, capacity building and practical cooperation.

Economic Reform

30. To advance APEC's economic reform agenda, we agree to hold the 2nd Ministerial Meeting on Structural Reform in 2015. Recognizing that many APEC developing economies are facing the challenge of the Middle-Income Trap (MIT), we agree to incorporate the issue of overcoming the MIT into the work program of the APEC Economic Committee.

31. To meet our objective of strengthening the implementation of good regulatory practices, we will further enhance communication, exchanges, and sharing of experiences, and foster an open and transparent regulatory environment in our economies, according to individual economies' needs and circumstances. We will endeavor to take new actions through the use of information technology and the Internet to improve our conduct of public consultations on proposed regulations.

32. We recognize the role of internationally recognized private international law instruments such as the Hague Conventions in facilitating cross-border trade and investment, enhancing ease of doing business, and fostering effective enforcement of contracts and efficient settlement of business disputes. We encourage wider use of these instruments which would contribute to APEC's regional integration, connectivity and structural reform agenda.

New Economy

33. We recognize that New Economy represents the trend of economic growth and sustainable development in the Asia-Pacific region and beyond. We support the efforts to promote economic restructuring and upgrading in traditional industries, explore new and promising economic growth areas such as the Green Economy, the Blue Economy, and the Internet Economy, and promote green, circular, low-carbon and energy-efficient development.

34. We are encouraged by the progress of APEC's ocean-related cooperation and welcome the Xiamen Declaration issued at the 4th APEC Oceans Ministerial Meeting this year, and instruct our Ministers and officials to fully implement the Declaration. We acknowledge the Xiamen Declaration's statement on the Blue Economy. We welcome the APEC Marine Sustainable Development Report. We encourage the Ocean and Fisheries Working Group to work with APEC fora to advance Blue Economy cooperation.

35. We recognize the role of the Internet Economy in promoting innovative development and empowering economic participation. We endorse the APEC Initiative of Cooperation to Promote the Internet Economy and instruct Ministers and officials to discuss the Internet Economy further, put forward proposals for actions, promote member economies' cooperation on developing the Internet Economy and facilitate technological and policy exchanges among member economies, taking into account the need to bridge the digital divide.

36. We welcome the Beijing Declaration of the 2014 APEC Energy Ministerial Meeting. We welcome the establishment of the APEC Sustainable Energy Center in China. We recognize the importance of promoting diversified energy supplies, and market-based competition and pricing mechanisms that reflect demand and supply fundamentals as appropriate to each economy. We encourage member economies to take actions to eliminate trade protection and restrictive measures that may impede progress in renewable energy technologies and development of this sector, and we endorse the Energy Ministers' aspirational goal to double the share of renewables including in power generation by 2030 in APEC's energy mix. We affirm our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption while still providing essential energy services. We acknowledge Peru and New Zealand for initiating voluntary peer reviews in 2014 of inefficient fossil fuel subsidies that cause wasteful consumption and sharing their best practices, and welcome the commitment from the Philippines to undergo a peer review in 2015. We encourage innovation, competition and cooperation to promote a sound and sustainable energy sector in the Asia-Pacific and to ensure its energy security, economic growth, poverty eradication and an appropriate response to climate change.

37. We emphasize the importance of efforts to ensure sustainable development in mining, including the development, processing, utilization, investment and trade in minerals, metals and related products and welcome Ministers' views recognizing the important role of the Minamata Convention on Mercury.

38. We will continue our efforts to protect forest resources, combat illegal logging and associated trade, promote sustainable forest management, and work with relevant organizations, including the Asia-Pacific Network on Sustainable Forest Management and Rehabilitation (APFNet), to ensure the achievement of the aspirational goal on forests in the Sydney Declaration.

39. We commit to continue our efforts in combating wildlife trafficking. We will take steps to combat wildlife trafficking by enhancing international cooperation through Wildlife Enforcement Networks (WENs) and other existing mechanisms, reducing the supply of and demand for illegally traded wildlife, increasing public awareness and education related to wildlife trafficking and its impacts, and treating wildlife trafficking crimes seriously.