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Ground prepared for regional free trade talks, official says

Zhang Yunbi
Updated: Sep 12,2014 11:21 AM     China Daily

Asia-Pacific economies are undertaking “frequent consultations” for realizing an early start on negotiations toward a free trade pact that will affect the whole region, a senior Chinese diplomat confirmed on Sept 11.

Vice-Minister of Foreign Affairs Li Baodong delivered the message to the Pacific Economic Cooperation Council’s 22nd general meeting in Beijing, an event that serves as a warm-up for the APEC leadership summit, which is set for November, also in Beijing.

A free trade area for the Asia-Pacific region was proposed in 2006. But some observers have seen challenges arise over its establishment and fear APEC’s role could be marginalized.

Li sought to put such concerns to rest.

“It is fair to say that APEC is the only mechanism in the region that can coordinate the diverse interests and demands in the Asia-Pacific,” Li said.

Tang Guoqiang, who chairs the China National Committee for Pacific Economic Cooperation, said APEC should play a significant role in promoting the regional free trade area after eight years of preparation, rather than being a mere “cheerleader”.

China has said it will seek to accelerate progress at the APEC summit.

In May, APEC trade ministers meeting in Qingdao, Shandong province, agreed to take concrete action to strengthen regional economic integration and advance the free trade area concept.

“Now parties are engaged in frequent consultations on the outstanding issues in an effort to form a consensus,” Li said.

Li noted a range of initiatives that have been approved by the APEC economies, including plans to establish an information exchange mechanism relating to free trade, and drawing up a strategic blueprint to facilitate global value-chain development and cooperation.

“We hope that all parties will adopt a historical perspective for the APEC leaders’ meeting, showing great vision, bearing in mind the greater interests of the Asia-Pacific region and working toward outcomes that can withstand the test of history,” Li said.