Russia supports establishment of Free Trade Area of Asia-Pacific
Friday, 10/11/2017 21:12 (GMT+7)
Russia supports the idea of forming the Free Trade Area of Asia-Pacific (FTAAP), said Russian President Vladimir Putin in an article posted on the official website of the Kremlin Palace on the occasion of APEC 2017 Summit Week in Da Nang city.
Russian President Vladimir Putin. (Photo: AFP/VNA)
According to the article, President Putin sees practical benefits and opportunities to consolidate its position in the dynamically developing Asia-Pacific markets. He emphasized that over the past five years, the share of APEC economies in Russia’s foreign trade increased from 23% to 31%, and from 17% to 24% in exports.
The Russian President said that the establishment of a large-scale free trade area like FTAAP should be carried out on the basis of drawing lessons and experiences from the frameworks of regional integration in Asia-Pacific and Europe-Asia, including the Eurasian Economic Union (EAEU); in which Russia cooperates with Armenia, Belarus, Kazakhstan and Kyrgyzstan.
Vietnam, the host of APEC 2017, becomes the first country signing a free trade agreement with EAEU, helping the bilateral trade turnover increase significantly, he added.
Titled “the 25th APEC Economic Leaders' Meeting in Da Nang: Together Towards Prosperity and Harmonious Development”, the article also stressed the establishment of effective cooperation to support innovation as the most important task facing in this dynamic era./.
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