APEC Members Study Possibility of Asia-Pacific Trade Zone

The Asia-Pacific Economic Cooperation (APEC) member countries are exploring the creation of a deregulated trade zone that includes all Asia-Pacific countries, Russian Economic Development Minister Alexey Ulyukaev said Monday.

MANILA (Sputnik) – The so-called Free Trade Area of the Asia-Pacific (FTAAP) is actively being promoted by China, considered to be an alternative to the US-backed Trans-Pacific Partnership (TPP) deal that pointedly excludes several economies, including Russia and China.

"China’s proposal to create a free trade area in the Asia-Pacific region, which would have no limits by the countries in contrast to the TTP and would cover all states, with the best will, is being looked into under the APEC framework. At present, a research team that is working on this issue is set up. And the speeches of the ministers, my colleagues, signify a positive dynamics in this direction," Ulyukaev told reporters following a meeting with the Indonesian trade minister.

Asked whether FTAAP is likely to be created soon, he suggested that it could take years.

Other issues on the agenda of the APEC Ministerial Meeting (AMM) are support for small and medium enterprises (SMEs) and intellectual property protection rights, the Russian economic development minister added.

Manila currently hosts the APEC Economic Leaders’ Week, bringing together senior officials and businessmen from 21 Asia-Pacific economies.