Latest News

Monday, 15th November 2010
In General Japan News,

APEC begins in Japan

The Asia-Pacific Economic Cooperation (APEC) forum has begun in Yokohama, Japan.

Lasting two days, the conference will see leaders from 21 countries in the region discussing a number of issues surrounding increasing free-trade and joint economic policies, reports the Japan Times.

Japan, the current chair of APEC, is hoping to agree a framework and timetable for the introduction of the Free Trade Area of Asia-Pacific (FTAAP) by 2020.

Prime minister Naoto Kan explained the forum will "have deep discussions on APEC's core principle - that is, to liberalize and facilitate trade and investment — and will touch on the details of how we will build FTAAP, which will allow freer exchanges of people, materials and money".

The development of the FTAPP was first suggested in 2004 and received the backing of US president George W Bush in 2006 at the Vietnam APEC.

Established in 1989, APEC has 21 members, including Australia, Canada, Peru, Indonesia, China, Japan and Vietnam.

Written by Mark Smith.