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APEC in Peru to prepare FTA for Asia-Pacific region
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13:23, August 06, 2008

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The Peruvian Foreign Trade Ministry said Tuesday that representatives of the Asia Pacific Economic Cooperation (APEC) in Peru will discuss the signing of a Free Trade Agreement (FTA) for the Asia-Pacific Region.

The basis for this agreement will be established through the analysis of different bilateral or multilateral FTAs previously signed in the region, Foreign Trade Minister Julio Chang said.

Representatives of APEC in Peru will meet this month in Cusco and Chiclayo to evaluate the progress made so far and to prepare a report to be presented at the 16th APEC Summit this November in Lima, Chang said.

He said his ministry is leading "a relevant study on evaluation and analysis of the 30 FTA pacts currently signed and valid among APEC member economies."

Among the 13 chapters that have been evaluated, five were led by Peru and supported by the Inter-American Development Bank (IDB),Chang said.

"We want to present a conclusion that the existing FTA treatiesamong APEC members can be a base for a similar agreement at Asia-Pacific level," Chang said.

"We will hold 64 conferences, seminars, workshops, working groups, dialogues and committees among others" in the city of Cusco (south) and in Lima and Callao, Chang added.

In Chiclayo, a small and medium enterprise (SME) meeting will take place as well as a ministries summit.

Chang said the FTA, foreseen as a long term objective, would beof political, economical and commercial relevance, because it could be used as a complementary and alternative element to further trade among the members of the forum.

APEC unites 21 member economies of the Pacific Rim.

Source:Xinhua



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