According to Yonhap News,

(BEIJING=Yonhap News) Pacific Rim leaders on Tuesday voiced support for a "roadmap" proposed by China to create a regionwide free trade area, a move seen as an attempt by Beijing to distract from another regional free trade deal being pushed by the United States.

The agreement adopted by leaders of the 21-member APEC, including South Korean President Park Geun-hye, U.S. President Barack Obama and Chinese President Xi Jinping, called for the launch of a feasibility study for the Free Trade Area of the Asia-Pacific (FTAAP) over the next two years.

The idea of creating the FTAAP has been discussed for many years at the annual Asia-Pacific Economic Cooperation (APEC) gatherings, but China has stepped up diplomatic efforts in recent months to make it a formal agenda item, a move seen as bolstering its economic clout in the region.

"We agree that APEC should make more important and meaningful contributions as an incubator to translate the FTAAP from a vision to reality," APEC leaders said in a joint declaration.

But, details of the FTAAP are still sketchy and China, the world's second-largest economy, is also reluctant to open up its own market dominated by state-run companies.

Obama and 11 other APEC leaders called Monday for the swift conclusion of a U.S.-backed regional free trade agreement, the Trans-Pacific Partnership (TPP), which currently excludes China.

During the APEC summit, Obama expressed his "desire to make this agreement a reality. We're going to keep on working to get it done," he said, describing the TPP as "the model for trade in the 21st century."

"Agreements like this will benefit our economies and our people. But they also send a strong message that what's important isn't just whether our economies continue to grow, but how they grow; that what's best for our people isn't a race to the bottom, but a race to the top," Obama said.

"Obviously, ensuring the continued growth and stability of the Asia-Pacific requires more than a focus on growing trade and investment," Obama said.

South Korea has been considering joining the TPP talks that include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

Still, Park said at the APEC summit that she supported the adoption of a roadmap to create the FTAAP, according to her office.

"I am confident that the APEC would develop into an Asia-Pacific economic community based on the Beijing roadmap for the realization of the FTAAP," Park said in a speech at the session. "To do that, South Korea will actively participate in joint efforts."

In a separate session, Park proposed that APEC member states introduce a transportation card that can be used across the region as part of efforts to enhance regional connectivity.

Launched in 1989, APEC is mainly aimed at boosting trade among its members, but its focus has expanded to geopolitical tensions.

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Source: Yonhap News (November. 11, 2014)