Trade experts call for expediting building of FTAAP

BEIJING, Nov. 17 (Xinhua) -- Trade experts have called for efforts to push forward the building of the Free Trade Area of the Asia-Pacific (FTAAP).

The free trade arrangement covering all Asia-Pacific Economic Cooperation (APEC) economies will not only help to promote the free flow of trade and investment in the region, but also support a more open Asia-Pacific economy, they said.

Jia Xiudong, a researcher with the China Institute of International Studies, said rising unilateralism and protectionism have brought uncertainties to growth in the Asia-Pacific region, and most countries intend to strengthen economic cooperation to boost demand.

Economic globalization remains an irresistible trend, and "the proposal of building the FTAAP is desirable for most APEC economies," Jia said.

The FTAAP proposal was initiated in 2004 and written into the declaration of the APEC meeting in 2006. During the 2014 APEC meeting in Beijing, the initiative made a breakthrough with APEC members unanimously adopting the FTAAP Beijing Roadmap to achieve the goal.

Experts expect the initiative to get a boost as leaders gather in the South Pacific island nation of Papua New Guinea for the 26th APEC Economic Leaders' Meeting.

On Tuesday, Assistant Foreign Minister Zhang Jun voiced China's hopes that the Port Moresby APEC meeting will propel the building of an open economy and map out a correct direction for future development.

"With opposition to protectionism and unilateralism, China will work with all parties to safeguard the multilateral trading system, and push for the building of the FTAAP," Zhang said.

Bai Ming, from the research department of the Ministry of Commerce, said the APEC, covering some of the world's major economies, should set an example for trade liberalization.

Established in 1989, the 21-member APEC is the Pacific Rim's premier economic forum aimed at supporting sustainable economic growth and prosperity in the Asia-Pacific. Its member economies account for 60 percent of the world's GDP and 50 percent of global trade.