FTAAP top priority for APEC economic leaders in Lima: report

LIMA - Progress towards the Bogor Goals and the Free Trade Area of the Asia-Pacific (FTAAP) are among the top priorities the APEC economic leaders should address, said a report released here on Wednesday by the Pacific Economic Cooperation Council.

Named State of the Region 2016-2017, the report was released on the sidelines of the Asia-Pacific Economic Cooperation (APEC) senior official and ministerial meetings.

Slowing global trade and rising protectionism are key risks against the continued growth of the Asia-Pacific region, read the report, which includes the results of a survey of the regional policy community on key developments and challenges the region is facing.

The APEC growth strategy, structural reforms, the emergence of anti-globalization and anti-trade sentiments, and the improvement in regional logistics and transport connectivity are other key priorities to be addressed in the coming Economic Leaders' Meeting on the weekend, according to the report.

The process of FTAAP was officially launched at the 2014 APEC Economic Leaders' Meeting in Beijing. The upcoming Economic Leaders' Meeting may well approve the strategic study, which is part of the Beijing Roadmap to the FTAAP, said Raul Salazar, a senior Peruvian official.

"This strategic study justifies the start of negotiations," said Salazar, Peru's senior official to APEC.

Running on Nov 14-20 in Lima, the APEC Week will bring together leaders, senior officials and business elites from the 21 member economies to discuss the future of international trade policies, economic growth and improvement of living conditions.