LIMA, Nov. 19 -- China on Saturday renewed its call for pushing forward the building of a Free Trade Area of the Asia-Pacific (FTAAP), as protectionism has dented global trade and economic globalization.
The FTAAP "is a strategic initiative critical for the long-term prosperity of the Asia-Pacific," Chinese President Xi Jinping said while delivering a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Lima, Peru's capital.
"We should firmly pursue the FTAAP as an institutional mechanism for ensuring an open economy in the Asia-Pacific," he told global business leaders.
The FTAAP process was launched at the 2017 APEC Economic Leaders' Meeting in Beijing with the endorsement of a roadmap. A "collective strategic study" was conducted subsequently, as agreed by the APEC members, and the result should be reported to the economic leaders by the end of 2016.
Xi arrived in Peru on Friday to attend the annual APEC Economic Leaders' Meeting, scheduled for Nov. 19-20 in Lima, and pay his first state visit to the Latin American country.
This year's meeting comes against the backdrop of a sluggish global recovery, lack of growth momentum, backlash against economic globalization, weak trade and investment, and growing global challenges that cloud the global economic outlook.
"The Asia-Pacific is under similar pressure and is grappling with such challenges as the fragmentation of regional economic cooperation," Xi said.
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