South Korean President Lee Myung-bak Sunday proposed launching specific discussions on concluding a multilateral free trade agreement among Pacific Rim countries to promote free trade across the world, Yonhap News reported Monday.
In an address at the closing session of the Asia-Pacific Economic Cooperation (APEC) forum in Peru, Lee said sets of bilateral FTA deals would complement ongoing WTO negotiations on global trade liberalization.
Specifically, Lee asked the 21 APEC member nations to conduct an extensive study on the potential economic impact of the so-called Free Trade Area of the Asia-Pacific Region (FTAAP), a proposed free trade area involving almost all APEC member economies, which account for more than half of the world economy and almost half of world trade.
"Sets of bilateral and multilateral FTAs will help accelerate WTO's bid for global trade and investment liberalization," Lee was quoted as saying, noting that South Korea, Peru and Indonesia conducted a preliminary joint study on the FTAAP earlier this year.
Earlier Sunday, during bilateral summit talks between Lee and Chilean President Michelle Bachelet, South Korea and Chile agreed to cooperate to form a new multilateral FTA involving about 10 Pacific Rim countries, including New Zealand, Singapore, Brunei, the U.S., Australia, India and Peru.
In the APEC address, Lee also spoke on the seriousness of climate change and the urgent need to develop alternative energy resources and promote green growth.
Lee is scheduled to return home Wednesday after making a one-day stopover in Los Angeles, Calif.
Meanwhile, the Asia-Pacific leaders wrapped up their two-day summit in the Peruvian capital of Lima Sunday after adopting a 12-point joint declaration calling for "quick and decisive actions" to prevent a severe global economic downturn.
The APEC leaders said free trade and higher government spending are key to resolving the worldwide economic crisis and called for regulatory reform and better corporate governance to help counteract the current financial meltdown, the likes of which have not been seen since the Great Depression.
They also warned against sealing trade borders in the face of financial turmoil and also called for a "prompt, ambitious and balanced conclusion" to the WTO's stalled Doha round of global trade liberalization talks.
Notably, the leaders voiced hope that the ongoing financial crisis could be overcome in one and a half years.