Apec urged to push for free trade in region

ASIA-Pacific Economic Co-operation (Apec) leaders should recommit to achieving free and open trade within the Apec region.They should also agree that a free trade area of the Asia-Pacific (FTAAP) is an inspirational but achievable vehicle for free and open trade and investment within the region.These were part of the five recommendations by Apec business advisory council (Abac) for the Apec trade ministers who meet later this week.In recommitting to achieve free and open trade within region, Apec said they should take into account the fundamental changes in Apec’s economic and social structures over the last 16 years, and the fact that we are now in the era of the post-industrialised knowledge-based economy.“Abac recommends that a new vision is needed, building on the Bogor goals to reflect the changing nature of modern Asia Pacific regional supply chains and value chains,” it said.