In China’s port city of Qingdao, senior Officials’ Meetings of the Asia-Pacific Economic Cooperation have concluded. The APEC Ministers Responsible for Trade meeting is following and taking place this Saturday and Sunday. CCTV reporter Martina Fuchs reports from the ground about the different priorities, which may also further delay the goal of a Free Trade Area in the Asia Pacific.
Qingdao is a major port city in China’s eastern Shandong Province with a population of around 9 million people, and probably most famous for its Tsingtao Brewery and beer. But this weekend, the city is hosting the APEC Ministers Responsible for Trade Meeting - the first ministerial level gathering of this year’s APEC meetings in China.
The top officials will try to deliver new breakthroughs in the promotion of trade and economic cooperation in the Asia-Pacific, which is badly needed as the recovery in the Asia-Pacific is still underway.
The 21 economies getting together in Qingdao account for about half of world trade and 60 percent of total gross domestic product.
Papua New Guinea is one of the smaller countries which wants to make its voice heard in the regional arena.
Moving faster towards the ultimate goal of a Free Trade Area of the Asia-Pacific, which still seems a far way to go, will be a key objective this weekend.
One rock in the way is the multitude of regional trade pacts.
In an interview with CCTV, APEC’s Alan Bollard compared the many existing trade deals to a “noodle bowl”.
"Of course there is overlap, we call it a “noodle” bowl, and it’s a very untidy noodle bowl. There is a lot of overlap between the different trade agreements, ones that are there and ones that are negotiated. What we want to make sure is that they’re all heading in the right direction," said Dr. Alan Bollard, executive director of APEC secretariat.
The meeting sets the stage for the APEC Economic Leaders’ Meeting in Beijing in November.
