At the APEC Ministerial Conference in Yokohama 2010, the participating ministers said that the Free Trade Area of the Asia-Pacific (FTAAP) would be established in the Asia-Pacific region on the basis of 43 bilateral and small free trade agreements between countries.
Since the global financial crisis, emerging economies, including countries in the Asia-Pacific region, are eye-catching and the world’s political and economic situation has changed gradually. The Asia-Pacific region accounts for 40% of the world’s population and 53% of the economy. APEC was established in 1989, the existing 21 members, the Asia-Pacific region is the most complete mechanism, the highest level, the most influential economic cooperation organization.
In the early 1990s, ASEAN initiated the process of regional cooperation in East Asia, and gradually formed a series of ASEAN-centered areas, including ASEAN and China, Japan and South Korea (10 + 3), ASEAN and China, Japan and South Korea (10 + 1) Cooperation mechanism. In addition, January 1, 2010, China – ASEAN Free Trade Area officially launched, has become more mature APEC internal development of regional free trade area.