APEC leaders adopt road map for Asia-Pacific free trade zone
11 November 2014
Beijing (BelTA) - At the summit held in China, APEC leaders of the Asia-Pacific region endorsed the idea of creating a new free trade zone proposed by Chinese President Xi Jinping, news agencies reported.
This decision is regarded as an important achievement for the Beijing Government, which has advocated the idea of the creation of the Free Trade Area of the Asia Pacific (FTAAP) as counterbalance to the American alternative – the Trans-Pacific Partnership.
Speaking to reporters on November 11 at the closing of the Asia-Pacific economic summit, Chinese President Xi Jinping called the adoption of the roadmap for free trade zone by APEC leaders a “historic step” and called for greater economic integration in the region.
China proposes to conduct a two-year project to study the development plan of the trade zone and then submit the results to APEC leaders for approval.
USA welcomed China’s initiative, emphasizing that it does not see the contradiction with the Trans-Pacific Partnership promoted by Washington. It is presumed that the partnership will include 12 nations, however China is not among them.
Simultaneously, another report has emerged that the US and China had reached an important agreement on the abolition of tariffs in mutual trade of industrial goods.
Free trade was the main theme of the APEC summit. In all likelihood, it will take an important place in the talks of President Obama with Chinese leaders. Today, Obama and Xi Jinping will meet for dinner, while the official talks will be held during the US President visit to China on November 12.