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China Wins Support for its Trade Plan in APEC
Nov 15, 2014

The 22nd Asia-Pacific Economic Cooperation (APEC) leaders’ meeting was held in Beijing on 11-12 November.  The APEC leaders agreed to work towards possible adoption of a free-trade deal proposed by China.

The (APEC) members’ endorsement of a roadmap for promoting the Free Trade Area of the Asia-Pacific (FTAAP) process was a historic step that APEC took in the direction towards realising the FTAAP.

The FTAAP would build on other initiatives including the smaller US-backed Trans-Pacific Partnership (TPP), but China’s firm push for its plan over US President Barack Obama’s TPP proposal has added to Sino-US trade rivalry.

The decision will bring the integration to a new and higher level, benefit economies at various development stages across the Pacific Ocean and inject new energy into the growth of the region and APEC members.

The leaders have reached consensus that regional economic integration is the driving force behind sustained strong growth in the Asia-Pacific, and APEC should continue to play a leading and coordinating role in pushing forward this process.

China was the host for the two-day summit where it pushed free trade vision for the Asia Pacific region and asked APEC to break open closed doors as leaders of the grouping held talks on forging consensus over opening up commerce in the resource-rich and economically dynamic region.

Besides accounting for more than 50 percent of global gross domestic product, 21-member APEC also makes up nearly half of world trade and 40 percent of the Earth’s population.


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http://www.drishtiias.com/upsc-current-affairs-article-China-Wins-Support-for-its-Trade-Plan-in-APEC