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 (Nov. 11).
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." (PCOO News Release)
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