TRADE WAR PROVIDES IMPETUS FOR PACT

Economy May 24, 2019 04:49

By The Nation

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The escalating US-China trade war has spurred members of the Asia-Pacific Economic Cooperation (Apec) to hasten their efforts to establish the Free Trade Area of the Asia-Pacific (FTAAP).



Arunee Poolkaew, deputy permanent-secretary of the Commerce Ministry, said that Apec ministers responsible for trade have sped up their efforts to complete the voluntary free trade and facilitation structure of the agreement, particularly for the service sector by 2020, as targeted. They have also been cooperating with information exchange on issues including non-tax measures, rules of origin, transparency and e-commerce to pave the way for the FTAAP, said Arunee, who represented the Thai commerce minister at the 25th meeting of Apec trade ministers in Chile on May 17 and 18.

Apec has also devoted attention to the drafting of a vision for the trade bloc after 2020 by adhering to the principles of free trade and investment.