APEC ministers agree world's largest free trade area

Asia-Pacific Economic Cooperation ministers meeting in Beijing agree roadmap for regional free trade

APEC ministers agree world's largest free trade area

World Bulletin/News Desk

The ministers of Asia-Pacific Economic Cooperation states agreed Saturday to move towards creating the world’s largest free trade agreement, China’s state news agency Xinhua reported.

Ministerial consensus on a roadmap for the Free Trade Area of the Asia-Pacific, known as the FTAAP, would incorporate all of APEC’s 21 ‘member economies,’ including the U.S. and China, the world’s economic leaders.

China's Commerce Minister Gao Hucheng told a press conference the ministers had decided to "launch and comprehensively and systemically push forward the FTAAP."

When established, the free trade area would cover about half the world’s economic and trading resources. The ministers did not provide a timetable for establishing the area, first suggested in 2004.

The meeting also agreed on strengthening regional integration, Gao added.

Plans to adopt an anti-corruption proclamation and set up a law enforcement network for international cooperation were also accepted, the agency reported.

Countries will increase collaboration over recovering illegal assets in a bid to further clamp down on graft cases in the region, Chinese Foreign Minister Wang Yi said.

Güncelleme Tarihi: 08 Kasım 2014, 13:37