APEC 2017: RoK President pledges support for RCEP

At the dialogue between APEC leaders and the APEC Business Advisory Council (ABAC) in central Da Nang city on November 10, Moon said over the past 30 years, APEC has realised its outstanding development and become the focal point of economic cooperation in the Asia-Pacific region in the context that the region's trade volume increased by more than 7 percent each year.

The spirit of economic integration through free trade that APEC has been pursuing has been the foundation of the success, he said, insisting it is now time to build institutions for free trade in the region.

The spirit of APEC must further be strengthened, he affirmed, adding that a Free Trade Area of the Asia-Pacific (FTAAP) should be quickly established as proposed by ABAC.

Moon noted the APEC represented the world's largest market with its member economies accounting for 60 percent of global gross domestic product (GDP) and 45 percent of global trade.

The path APEC walks will be the path of the global economy, the President said, stressing that APEC sets an example for expanding free trade and realise the growth.

To this end, the RoK will actively work for the early conclusion of RCEP negotiations to realise growth and prosperity of APEC, he said.

APEC was established in 1989 to create growth and prosperity of 21 economic members. Since its birth, the bloc has become a favourable space for economic growth in the Asia – Pacific region.

Strengthening free trade and investment – the pillars of APEC – has made significant contributions to improving socio-economic indices of the economies, with the bloc’s trade exchanges rising by seven times.

APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US and Vietnam.