During the 22nd Asia-Pacific Economic Co-operation (APEC) Summit, which concluded on Nov. 11, at Yanqi Lake in Beijing, China, leaders cautiously agreed on Tuesday to begin working toward making a Chinese-backed free-trade pact a reality.
The endorsement of the "This is a historic step in the direction of an Asia-Pacific free trade area," quoted CBC of Chinese President Xi Jinping at a news conference.
The China-hosted APEC forum, led by Chinese Host President Xi Jinping, along with his counterparts US President Barack Obama and Russian counterpart Vladimir Putin, are supporting the Chinese-backed proposed Free Trade Area of the Asia-Pacific (FTAAP), albeit cautiously, the Business Insider reported.
"We decided to launch the FTAAP process. It represents a historic step we've made toward the realization of the FTAAP and marks the official launch of the process. It represents the confidence and resolution of the APEC members to push forward regional economic integration," said Xi, via Voice of America News
It was reported that the initiative was met with resistance from the United States which is propelling its own trade pact in the region. However, it was noted by VOA News that U.S. officials indicate the regional plan is welcomed as it doesn't pose any concerns as Washington's preferred trade zone, the Trans-Pacific Partnership, doesn't include China.
During the said diplomatic gathering in Beijing, the Chinese officials are seen pushing harder and lobbying intensely for the approval of its trade proposal. The host delegation, the Business Insider confirmed, is staunchly putting forward the approval the FTAAP.
However, in an apparent toned-down diplomatic accord with its trade archrival, the United States, which is also expectedly pushing for its own trade pact version, the prestigious forum cautiously agrees to what is called a strategic study of the Chinese-backed trade pact, instead of the feasibility study-approach, continued the publication.
The delegation has been extra-careful in avoiding the term feasibility study in their commitment to evaluate further the Chinese-backed trade pact as the very term would imply that the proposed trade pact may eventually lead to forthcoming trade negotiations between the world powers, Business Insider further confirmed.
VOA News reported that the cautious endorsement of the Chinese-backed FTAAP is regarded by many Beijing authorities as a diplomatic achievement of sorts during the APEC leadership summit. The concurrence achieved is seen as a move towards regional economic integration, VOA News added in the report.
The summit carried the theme "Shaping the Future through Asia-Pacific Partnership."
As for the following Summit, it was agreed that the Philippines will chair APEC in 2015 and host the 23rd APEC Economic Leaders' Meeting.
