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APEC key mechanism for dialogue, says Mexico's economic chief

Xinhua, November 8, 2016 Adjust font size:

The Asia-Pacific Economic Cooperation (APEC) forum is an important mechanism for dialogue, Mexico's Economic Minister Ildefonso Guajardo said on Monday.

In the lead up to the APEC leaders' summit in Lima, Peru later this month, Guajardo said the forum has been "very important" in promoting the exchange of best practices and cooperation among its 21 member economies on both sides of the Pacific.

Speaking to reporters at the Senate, the minister said while APEC has not met its objective of creating a free-trade zone comprising bloc members, it has facilitated multilateral agreements in the Pacific Rim region.

"Regional blocs have developed as a result of this forum," said Guajardo.

"It is very important because it leads to sharing best practices and countries supporting each other in improving policies, and in that sense, it enriches economic dialogue in the region."

China's main trade agreements with Asian neighbors, he said, also had their start at the forum, which was created in 1989, and gathers economies in four continents, including Australia, Brunei, Canada, Chile, China, China's Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, South Korea, China's Taiwan, Thailand, the United States and Vietnam.

Guajardo said Mexico was committed to the integration and opening up of markets, as a means of boosting exports. Endi