The 19th Asia-Pacific Economic Cooperation (APEC) Summit closed in Hawaii on Sunday, local time, after world leaders gathered there issued a joint declaration.

In the "Honolulu Declaration," the leaders agreed to strengthen cooperation and expand trade in the Asia-Pacific region as a way to overcome economic woes stemming from the European debt crisis.

They also outlined ways to achieve economic integration in the region and agreed to boost economic growth and create jobs by eliminating trade barriers.

To meet this goal, leaders agreed to expand duty exemptions and simplify customs clearance procedures for imports worth 100 dollars or less. Immigration procedures will also be eased to promote travel among member countries.

In particular, South Korea and the U.S. will start working next January to introduce automated immigration checks that exempt pre-screened travelers from undergoing face-to-face interviews when entering or leaving each country.

The leaders also agreed to promote green growth as a new economic growth engine for the 21st century and to cap tariffs at five percent on environment-friendly products by late 2015.

While speaking at the event, South Korean President Lee Myung-bak stressed the importance of deregulation and introduced the South Korean government’s efforts to ease regulations. Lee cited the establishment of the Presidential Council on National Competitiveness that mainly consists of civilian experts.