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Chinese President Xi Jinping has announced the launch of the process to create a Free Trade Area for the Asia-Pacific.
Speaking after the conclusion of this year's APEC leaders meeting in Beijing, Xi Jinping hailed the APEC members' endorsement1 of a roadmap for promoting the FTA Asia-Pacific process as an historic decision.
In concluding their annual meeting, APEC leaders have adopted a blueprint2 for improved connectivity in the Asia-Pacific.
They have also endorsed3 the establishment of a cross-border law enforcement network to strengthen transnational anti-corruption cooperation.
China and the United States have reached a breakthrough in talks on eliminating duties on information technology products.
The breakthrough should allow for the "swift conclusion" on talks to expand the Information Technology Agreement at the WTO in Geneva later this year.
It will reduce global tariffs5 on such products as medical equipment, GPS devices, video games consoles and next-generation semiconductors6.
An expanded ITA should eliminate tariffs on about a trillion US Dollars worth of global IT products.
More than 200 tariff4 lines will be reduced to zero under the new agreement.
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