APEC reaffirms quest for regional trade pacts

April 21, 2013 at 12:22 PM

SURABAYA, Indonesia, April 21 (UPI) -- Asia's APEC trade ministers meeting in Indonesia Sunday pledged to keep pushing free-trade agreements in the region.

The two-day Asia-Pacific Economic Cooperation session in Surabaya produced a joint statement calling for "broader integration, which includes trade and investment liberalization and facilitation in the APEC region."

The statement came out a day after Japan formally joined the multi-national negotiations on an Asia-Pacific regional trade agreement. If approved, the 11-nation pact would cover about one third of all world trade, Japan's Kyodo news service said.

The APEC ministers agreed at the forum to share information on free-trade initiatives and reaffirmed their commitment to reducing tariffs to 5 percent or less by 2016.

Related UPI Stories
Latest Headlines
Trending Stories
Police: 2 shot, 1 dead near Texas Southern University
Listeria threat prompts Whole Foods cheese recall
Russia says missiles aimed at Syria did not land in Iran
Captive orca breeding banned at California's SeaWorld
Wrong drug used in Oklahoma execution