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Apec eyes FTAAP in Cebu meetings

THE Asia-Pacific Economic Cooperation (Apec) economies will be moving forward on a collective strategic study aimed to establish the Free Trade Area in Asia Pacific (FTAAP) during the Apec meetings to be held in Cebu in the next two weeks.

An Apec news statement said that the regional economic integration will be at the top of the agenda in the series of Apec meetings to be held in Cebu from August 22 to September 6 as the integration is seen as a possible stepping stone for establishing the FTAAP.

The terms of reference for the collective strategic study were endorsed by the Ministers Responsible for Trade last May, and officials will be moving forward with the drafting of the collective strategic study on issues related to the realization of a FTAAP study, led by China and the United States.

Apec economies see the FTAAP has having a big potential to boost economic growth in the Asia-Pacific region, as it  could dwarf all other economic arrangements ever made given its size and scope.

 

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