Lee proposes creation of Pacific Rim free trade area

LIMA, Nov. 23 (Yonhap) -- South Korean President Lee Myung-bak on Sunday proposed
launching specific discussions on concluding a multilateral free trade agreement
among Pacific Rim countries to promote free trade across the world.

In an address at the closing session of the Asia Pacific Economic Cooperation
(APEC) forum in Peru, Lee said sets of bilateral FTA deals would complement
ongoing WTO negotiations on global trade liberalization.
Specifically, Lee asked the 21 APEC member nations to conduct an extensive study
on the potential economic impact of the so-called Free Trade Area of the
Asia-Pacific Region (FTAAP), a proposed free trade area involving almost all APEC
member economies, which account for more than half the world economy and almost
half of world trade.
"Sets of bilateral and multilateral FTAs will help accelerate the WTO's bid for
global trade and investment liberalization," Lee said, noting that South Korea,
Peru and Indonesia conducted a preliminary joint study on the FTAAP earlier this
year.
Earlier on Sunday, during bilateral summit talks between Lee and Chilean
President Michelle Bachelet, South Korea and Chile agreed to cooperate to form a
new multilateral FTA involving about 10 Pacific Rim countries, including New
Zealand, Singapore, Brunei, the U.S., Australia, India and Peru.
In the APEC address, Lee also spoke on the seriousness of climate change and the
urgent need to develop alternative energy resources and promote green growth.
Lee is scheduled to return home on Wednesday (Korean time) after making a one-day
stopover in Los Angeles, California.
Meanwhile, the Asia Pacific leaders wrapped up their two-day summit in the
Peruvian capital of Lima on Sunday after adopting a 12-point joint declaration
calling for "quick and decisive actions" to prevent a severe global economic
downturn.
The APEC leaders said free trade and higher government spending are key to
resolving the worldwide economic crisis and called for regulatory reform and
better corporate governance to help counteract the current financial meltdown,
the likes of which have not been seen since the Great Depression.
They also warned against sealing trade borders in the face of financial turmoil
and also called for a "prompt, ambitious and balanced conclusion" to the WTO's
stalled Doha round of global trade liberalization talks.
Notably, the leaders voiced hope that the ongoing financial crisis could be
overcome in one-and-a-half years.
ycm@yna.co.kr
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