BALI, Indonesia- Economies in Asia-Pacific region have opportunity to contribute to recovering global economy as the region has the potential to expand economic growth, leaders in the region said here on Sunday.

The leaders called on the private sector to cooperate with policy makers to help boost the expansion of the economy growth in the region.

“APEC is in the ideal position to help the recovery of the global economy. Therefore, APEC members, through individual and collective measures, must put extra efforts to promote growth,” Indonesian President Susilo Bambang Yuhoyhono said in his speech at the APEC CEO Summit in Nusa Dua of Bali.

“We are all in this together, and we need to work together, and harder to achieve shared prosperity,” Yudhoyono said.

According to the IMF, APEC is expected to grow by 6.3 percent in 2013 and by 6.6 percent in 2014, more than twice the world average growth pace.

APEC economies account for 54 percent of global gross domestic product and 44 percent of global trade now.

President Yudhoyono also called for the prevention of protectionist policies and continuation of trade liberalization.

Besides, the president also reiterated the necessity to develop more and better infrastructure, calling it an essential element for connectivity in the region.

“APEC needs to tackle inefficiency in the supply chain. We have to make it easier, cheaper, and faster to conduct trade in goods and services across borders,” he said.

The president also called on the APEC economies to cooperate to ensure the financial stability, which is an absolute requisite for all economic activities, including trade and investment. (PNA/Xinhua)