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APEC countries seek to launch Asia-Pacific free trade area

November 11, 2014, 12:22 UTC+3 BEIJING
The parties confirmed their readiness to develop regional economic integration and boost global trade and investments
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© EPA/DIEGO AZUBEL

BEIJING, November 11. /TASS/. Countries of the Asia-Pacific Economic Cooperation (APEC) forum urge to create the China-backed Asia-Pacific Free Trade Area (FTAAP), the Beijing roadmap of APEC summit said on Tuesday.

The 21 members of APEC have agreed to pursue the FTAAP in a step-by-step manner based on consensus in the interests of the economic growth and prosperity in the region.

The parties confirmed their readiness to develop regional economic integration and boost global trade and investments, including through the implementation of the roadmap.

The FTAAP is aimed at promoting liberalization and become a high-quality format involved in resolving tasks of the next generation in the sphere of trade and investment, the statement reads.

Xi Jinping officially declares beginning of efforts to create Asia-Pacific free trade zone

The APEC member-states have endorsed a road map for the creation of a free trade zone in the Asia-Pacific region, thereby heralding the official start of this process, Chinese leader Xi Jinping declared at a news conference following the 22nd meeting of the APEC leaders.

Xi described the decision as a historical step towards the implementation of the idea of a free trade zone in Asia and the Pacific, “destined to go down in history.”

“This decision demonstrates the certainty and determination of the APEC countries to advance regional economic integration,” the Chinese leader said.

He also pointed out that “regional economic integration is the driving force of powerful growth in Asia and the Pacific.

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