MANILA (Sputnik) – The so-called Free Trade Area of the Asia-Pacific (FTAAP), promoted by China, is considered to be an alternative to the US-backed Trans-Pacific Partnership (TPP) deal that pointedly excludes several economies, including Russia and China.
"We discussed how to implement the Beijing roadmap on how to implement the proposed Free Trade Area of Asia Pacific," Domingo said about the APEC ministerial meeting, stressing that some progress has been made.
Domingo added that a FTAAP trade zone study would be submitted by the end of 2016.
According to the Philippine secretary, the TPP and the Regional Comprehensive Economic Partnership (RCEP), as well as other trade deals are viewed by ministers as a pathway toward a larger trade agreement.
Manila is currently hosting the APEC Economic Leaders’ Week, bringing together senior officials and businessmen from 21 Asia-Pacific economies.
