(VOVworld) – Member economies of the APEC, Asia-Pacific Economic Cooperation, have agreed to restart the forming of a free trade area.
Zhang Jun, Director General of the Department of International Economic Affairs of China's Ministry of Foreign Affairs, said APEC members shared a common awareness of the need to enhance economic reform, generate conditions for innovation, and strengthen regional connectivity to ensure stable economic development in the Asia-Pacific.
Zhang said these issues will be discussed at the APEC Economic Leaders summit in November in Beijing. He said the Asia-Pacific, which is expected to be the driving force of the global economy in the coming years with a higher growth rate than previous years, still contains unstable and uncertain factors.
At the APEC Trade Ministers Meeting in Qingdao, China’s Shandong province, all members agreed to develop a roadmap for FTA establishment. APEC consists of 21 members and contributes about 57 percent of global GDP and 46 percent of world trade.