BEIJING, China, Nov. 11 (PNA) — Recognizing the importance of a free trade area in the region, world leaders attending the 22nd Asia-Pacific Economic Cooperation (APEC) Summit here have agreed to work together to turn the Free Trade Area of the Asia Pacific (FTAAP) from a vision into a reality.
“We reaffirm our commitment to an eventual FTAAP as a major instrument to further APEC’s regional economic integration agenda,” the leaders stated in the 22nd APEC Economic Leaders’ Declaration issued on Tuesday.
The leaders decided to kick off and advance the process in a comprehensive and systematic manner towards the eventual realization of the FTAAP, and endorse the Beijing Roadmap for APEC’s Contribution to the Realization of the said Free Trade Area in the Asia-Pacific region..
Through the implementation of this Roadmap, APEC member economies will accelerate efforts to realize the free trade area by including the ongoing pathways, and affirming their commitment to the eventual realization of the FTAAP as early as possible.
This must be realized by building on ongoing regional undertakings, which will contribute to regional economic integration, sustained growth and common prosperity in the Asia-Pacific region.
“We instruct ministers and officials to undertake the specific actions and report the outcomes to track the achievements,” the leaders said in the declaration.
The leaders also agreed to launch a joint comprehensive strategic study on realizing the FTAAP, and instruct officials to undertake the study and report the result by the end of 2016.
They also instructed officials to design targeted and tailored capacity-building activities to narrow the gap of the capacities of APEC economies to facilitate the eventual realization of the FTAAP.
In addition to initiatives that will pave the way for the FTAAP, the leaders also agreed to accelerate “at the border” trade liberalization and facilitation efforts, improve the business environment “behind the border,” and enhance regional connectivity “across the border”.
This aims to accumulate more building blocks for the realization of the FTAAP, they said.
President Aquino joined fellow leaders for the trade bloc’s closing session near Yanqi Lake here.
This year’s APEC summit carried the theme, “Shaping the Future through Asia-Pacific Partnership.” (PNA)