At the 30th APEC Ministerial Meeting (Photo: VNA)Hanoi (VNA) - Foreignand trade ministers from 21 member economies of the Asia-Pacific EconomicCooperation (APEC) forum gathered in Port Moresby (Papua New Guinea) onNovember 15 to discuss ways to further open markets and regional economicintegration.
Delegates also said theministers are expected to study measures to realize an APEC-wide free tradeagreement called the Free Trade Area of the Asia-Pacific (FTAAP), coveringabout half of global trade and 60 percent of the world economy.
The FTAAP would be based on the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) -- an11-nation, high-standard FTA that will come into force Dec. 30 -- and theRegional Comprehensive Economic Partnership (RCEP), a 16-nation Asian FTA whosenegotiations are ongoing. Both the TPP and RCEP do not involve the UnitedStates.
The ministerial meeting pavesthe way for a two-day APEC summit starting November 17 in the Papua New Guineacapital, an event that will bring together Japanese Prime Minister Shinzo Abe,Chinese President Xi Jinping, Australian Prime Minister Scott Morrison, US VicePresident Mike Pence, among other regional leaders.
Vietnam’s Prime Minister NguyenXuan Phuc will also attend the summit.
APEC comprises 21 economies, namely Australia,Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republicof Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, thePhilippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.-VNA
Delegates also said theministers are expected to study measures to realize an APEC-wide free tradeagreement called the Free Trade Area of the Asia-Pacific (FTAAP), coveringabout half of global trade and 60 percent of the world economy.
The FTAAP would be based on the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) -- an11-nation, high-standard FTA that will come into force Dec. 30 -- and theRegional Comprehensive Economic Partnership (RCEP), a 16-nation Asian FTA whosenegotiations are ongoing. Both the TPP and RCEP do not involve the UnitedStates.
The ministerial meeting pavesthe way for a two-day APEC summit starting November 17 in the Papua New Guineacapital, an event that will bring together Japanese Prime Minister Shinzo Abe,Chinese President Xi Jinping, Australian Prime Minister Scott Morrison, US VicePresident Mike Pence, among other regional leaders.
Vietnam’s Prime Minister NguyenXuan Phuc will also attend the summit.
APEC comprises 21 economies, namely Australia,Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republicof Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, thePhilippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.-VNA
VNA
