Beijing: China has proposed to accelerate the establishment of the Free Trade Area of Asia-Pacific at a meeting of economic officials from the Asia Pacific region in east China’s port city of Qingdao.
Sun Yuanjing, an official in charge of trade affairs under the Ministry of Commerce, made the proposal at a two-day gathering of Asia Pacific Economic Cooperation, or APEC, officials.
Sun said Asia Pacific Economic Cooperation first formally started discussing the concept of a Free Trade Area of the Asia-Pacific at its summit in 2006, and China now wants to give the process another boost.
“Copious free trade agreements have been signed everywhere in the world, and the concept of integration has been spreading globally. There is no consensus so far on the rules and standards in this regard. So, what we need to do is study and analyse the universal qualities of all the existing free trade zones, and then discuss on the future of the Free Trade Area of the Asia-Pacific.”
Sun noted that it could still take a while before the negotiations on the free trade area get started.
The official also said the envisaged free trade area will cover, rather than contradict, other free trade arrangements in the Asia Pacific region, like the US-proposed Trans-Pacific Partnership.
The Free Trade Area of the Asia-Pacific was proposed in 2004 and written into the declaration of Asia Pacific Economic Cooperation leaders when they met in 2006. QNA
