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16:24 GMT
TOKYO, Nov 14 (KUNA) -- Leaders from the Asia-Pacific Economic Cooperation
(APEC) nations pledged Sunday to work toward creating a vast free trade area
in the Pacific Rim region and adopted growth strategy.
"We have agreed that now is the time for APEC to translate the Free Trade
Area of the Asia-Pacific (FTAAP) from an aspirational to a more concrete
vision. To that end, we instruct APEC to take concrete steps toward
realization of an FTAAP, which is a major instrument to further APEC's
regional economic integration agenda," 21 leaders from countries around the
Pacific Rim said in a joint declaration at the end of a two-day summit in the
port city of Yokohama near Tokyo.
"We believe that an FTAAP should be pursued as a comprehensive free trade
agreement by developing and building on ongoing regional undertakings, such as
Association of Southeast Asian Nations (ASEAN) plus three, ASEAN plus six, and
the Trans-Pacific Partnership (TPP)," they said in "Yokohama Vision"
declaration.
China favors the 13-nation "ASEAN Plus 3" trade initiative, which includes
the 10-member ASEAN and China, Japan and South Korea, and ASEAN plus six
includes the ASEAN plus three in addition to India, Australia and New Zealand,
while the US-backed TPP includes Brunei, Singapore, Chile and New Zealand.
"It is clear that APEC members cannot continue with growth as usual and the
quality of growth needs to be improved, so that it will be more balanced,
inclusive, sustainable, innovative, and secure," the leaders said. "This is
essential even as we pursue APEC's core objective of a vigorous trade and
investment agenda aimed at strengthening economic integration in the
Asia-Pacific region," the leaders said.
"To promote liberalization and facilitation of trade and investment, we
will seek to become a close community that promotes deeper economic
integration," Japanese Prime Minister Naoto Kan, who chaired the summit, said
as he unveiled "Yokohama Vision" at the end of the talks. "To realize this, we
will make an FTAAP the goal for APEC," Kan said.
The declaration also seeks to ban member countries from introducing new
trade barriers by the end of 2013 in order to deter protectionism.
Established in 1989, APEC groups Australia, Brunei, Canada, Chile, China,
Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua
New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the US
and Vietnam. The region accounts for 53 percent of the world's gross domestic
product and 40 percent of population. (end)
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