Regional Initiatives Boost Pursuit Of Asia-Pacific FTA

During remarks in Singapore, the Asia-Pacific Economic Cooperation (APEC) Secretariat Executive Director Muhamad Noor has commented that the recent regional trade agreement breakthroughs in the Asia-Pacific are consistent with the goal of a region-wide free trade area.

He said that regional free trade agreement (FTA) negotiations, in particular the Trans-Pacific Partnership which has been given an informal October 2013 target, and the newly announced talks for a Regional Comprehensive Economic Partnership and for the tri-lateral FTA between China, Japan and South Korea, involve a large number of APEC member countries.

"If in the end they result in greater liberalization," he added, "this would be welcome within the context of APEC's broader efforts to advance growth and prosperity through the promotion of greater trade and economic integration, and could offer new paths to achieving a region-wide free trade zone that is a shared objective of members."

Noor pointed out that APEC member economies continue to make progress on concrete initiatives that address "next generation" trade and investment issues that future trade agreements should contain. This includes the endorsement of new APEC transparency guidelines for the regional trade treaties and FTAs endorsed in 2012.

"Transparency is a fundamental principle underlying trade liberalization and facilitation, and key for businesses and to reducing barriers to trade," he explained. "APEC's work on transparency promotes convergence and contributes to APEC's regional economic integration agenda, further supporting the realization of a Free Trade Area of the Asia-Pacific."

There are about 50 regional trade treaties and FTAs between APECï's 21 member economies.

November 26, 2012

Source: Tax News