China hopes for progress at APEC for China-backed free trade area
China hopes to see substantial progress at next month's summit of the Asia Pacific Economic Cooperation bloc in Peru in stepping up with a Chinese-backed trade liberalization framework. That’s what the country’s foreign minister told while on a trip to Lima.
At an APEC summit in Beijing two years ago, China’s President Xi Jinping urged members to step up negotiations on the Free Trade Area of the Asia Pacific pushed by Beijing.
APEC generally appreciated work towards the establishment of FTAAP, which Xi told then appeared to be a historic step.
Foreign Minister Wang Yi informed that a feasibility study on FTAAP had been basically finished.
APEC definitely requires sending an upbeat clue against a tide of surging protectionism as well as anti-globalization, so China hopes APEC will reach consensus on FTAAP.
Some experts consider FTAAP to be a possibility to divert attention from the 12-nation Trans-Pacific Partnership trade agreement supported by the USA.