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1. Philippine President Benigno Aquino III walking on to stage 2. Wide of media 3. New Zealand's Prime Minister John Key walking to podium 4. Cutaway of audience 5. SOUNDBITE (English) John Key, Prime Minister of New Zealand "When it comes to adjustments in the exchange rates as we are seeing at the moment, there needs to be both a degree of patience and fairness. Those moves cannot be too pronounced nor too slow. It is after all the rate of change and the ability for countries to adjust that is important, not the absolute level of the exchange rate. If we don't get this right it's my view that we will see currency wars, we'll see retaliatory action taken that would be bad for economic growth, that would have unintended consequences, and it would be bad for integration in the region." 6. Cutaway of media and audience 7. SOUNDBITE (English) Benigno Aquino III, Philippine President: "If we build upon the gains in the past decade, then the vision of a free trade area in the Asia Pacific can be achieved sooner rather than later. Integration however will require internal adjustments, especially for developing economies. As economies open up there will be winners and losers, at least in the short term. The risks and the downsides must be anticipated and managed." 8. Tilt down of conference hall STORYLINE As Asian-Pacific Economic Cooperation (APEC) leaders arrived in Yokohama on Friday attention was being focused on whether they would be able to resolve any of the disagreements over economic policy that appear not to have been overcome at the G20 meeting in South Korea. Before the leaders' summit on the weekend, some heads of states expressed their concerns on the sidelines of the annual summit of the Asian-Pacific Economic Cooperation forum. Differences over monetary policy and currency rates are raising worries over a potential resurrection of trade barriers that could set back progress on liberalisation and push the global economy back into recession. New Zealand's Prime Minister John Key urged countries to demonstrate "patience and fairness" in adjusting exchange rates. "If we don't get this right, it is my view that we'll see currency wars," Key told participants at the summit. "We'll see retaliatory action taken that would be bad for the economic growth, that would have unintended consequences, and it would be bad for integration in the region," he added. It also raises the likelihood of scarce capital chasing speculative investments instead of those that might help create jobs and nurture long-term growth. The dispute over whether China and the United States are manipulating their currencies is threatening to resurrect destructive protectionist policies like those that worsened the Great Depression in the 1930s. The biggest fear is that trade barriers will send the global economy back into recession, as was seen in the previous biggest global downturn. A law the United States passed in 1930 that raised tariffs on imports is widely thought to have deepened the Great Depression by stifling trade. In his remarks, Philippine President Benigno Aquino III also emphasised on the importance of "internal adjustments" for reaching deals on a "a free trade area in the Asia Pacific." "As economies open up there will be winners and losers, at least in the short term. The risks and the downsides must be anticipated and managed," he added. Aquino voiced his hope that various regional trade agreements could be combined to facilitate the formation of an APEC wide free trade zone stretching from Chile to Russia to New Zealand. Foreign and trade ministers of the 21 member economies have already held preliminary talks in Yokohama, pledging to shun protectionism. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/db863dc84bfdde1f6bf50f0cd97e28f7 Find out more about AP Archive: http://www.aparchive.com/HowWeWork