The Asia-Pacific Economic Co-operation (APEC) Senior Officials’ Meeting and the 25th APEC Ministerial Meeting (AMM 25) have affirmed APEC’s role as a driving force for global growth.

APEC’s main objective, as set out in the Bogor Goals adopted at the APEC Summit in 1994, is to develop a trade- and investment-friendly Asia-Pacific region by removing tariffs, facilitating flows of workers, and improving the trade of goods and services.

This is an extremely daunting task for APEC, as its member economies possess different conditions and viewpoints.

Therefore, since its establishment, APEC has not aimed to become a bloc like the EU, but has instead supported programmes and policies in the region through the backing of free trade agreements (FTAs), free trade areas and regional trade agreements (RTAs) among member economies.

By the end of 2012, the APEC grouping had concluded around 100 RTAs and FTAs between its member economies, he added.

Realising the importance of these agreements, APEC has set the long-term objective of building a Free Trade Area in Asia-Pacific (FTAAP).

Once established, the FTAAP will bring renewed interest to APEC member economies. The area will boost world trade, as the region accounts for nearly 60% of global GDP and about half of all trade. It will also have positive impacts on regional peace and stability.

ASEAN, one of the regional structures, plans to start the FTAAP together with APEC.

 (Source: VNA)