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APEC ministers attach importance to ongoing regional trade cooperation

Xinhua, November 17, 2015 Adjust font size:

Ministers from Asia-Pacific Economic Cooperation (APEC) economies have attached importance to the ongoing trade cooperation in the region.

U.S.-based IHS Global Insight said in a recent study that strong interest for the Trans-Pacific Partnership (TPP) may prompt Asia Pacific economies that are not members of the TPP to strongly promote the Free Trade Area of the Asia-Pacific (FTAAP).

Gregory Domingo, secretary of the Philippine Department of Trade and Industry, said bilateral, regional and plurilateral agreements will make it easier for Asia Pacific economies to have bilateral ties with bigger groups.

"Having more of these regional and bilateral types of agreements, we actually advance the position of the free trade regime," said Domingo, adding that various kinds of free trade agreements may become "building blocks" of the FTAAP.

Last year, APEC members endorsed a roadmap for promoting the FTAAP process at APEC meetings in Beijing. Since then, the FTAAP has become a new objective for APEC regional integration.

The theme of the APEC 2015 is "building inclusive economies, building a better world." The ministerial meeting concluded on Tuesday, one day before the APEC Economic Leaders' Meeting which will last from Wednesday to Thursday. Endit