BEIJING — Asia-Pacific leaders meeting at an economic summit in Beijing have given their initial approval to a China-led free trade zone. The endorsement is seen as an achievement for Beijing, which has been pushing the Free Trade Area of the Asia-Pacific, or FTAAP, over a US-led alternative. Speaking Tuesday at the end of the Asia-Pacific Economic Summit, Chinese President Xi Jinping called the support "historic." "We decided to launch the FTAAP process. It represents a historic step we've made toward the realization of the FTAAP and marks the official launch of the process. It represents the confidence and resolution of the APEC members to push forward regional economic integration," said Xi. It is unclear how APEC's endorsement will help lead to the implementation the nascent trade initiative. The most tangible outcome appears to be the commissioning of a two-year study on how to achieve it. US officials have welcomed the Chinese plan, saying it does not conflict with Washington's preferred trade zone, the Trans-Pacific Partnership, which notably does not include China. Free trade was a major focus of the APEC meeting and figures to be a big part of US President Barack Obama's meetings with top Chinese leaders on Tuesday and Wednesday. Presidents Obama and Xi are meeting Tuesday for dinner. On Wednesday, they will hold formal talks as part of a state visit by Obama. Earlier Tuesday, the US and China reached a breakthrough that could lead to fewer tariffs on high-tech products. President Obama and Chinese leaders have reached an understanding that could lead to the slashing of tariffs on high-tech exports like medical equipment and videogame consoles. US Trade Representative Michael Froman made the announcement in Beijing, where President Obama has been attending the Asia Pacific Economic Cooperation summit. “This is encouraging news for the US-China relationship. It shows how the US and China work together to both advance our bilateral economic agenda but also to support the multilateral trading system,” said Froman. The development comes as President Obama works to find common ground with China in the face of friction over issues including China's maritime claims and the suspicion among Chinese leaders that the United States is trying to contain China's rise as a global power. — Agencies
