Wednesday, 23 November 2016

APEC Should be the Engine of the Asia Pacific Free Trade Area: EPN

In World Economy News 23/11/2016

In response to those who blame globalization and free trade for inequality and lack of growth, the Mexican president called on APEC economies to redouble efforts to strengthen their regional integration.
‘This integration should be inclusive and benefit all sectors of our societies.
Now, more than ever, the challenge is to move towards an inclusive economic integration as a means of prosperity for our societies’: EPN
Free trade has been one of the main engines of development and growth worldwide.
The Asia-Pacific Cooperation Forum should be the engine of the Asia-Pacific Free Trade Area.
The TPP has the potential to help expand the benefits of free trade to more companies and individuals.
According to the World Bank, between 1990 and 2010, free trade helped halve the global population living in extreme poverty.
Like most APEC economies, Mexico has benefited from trade liberalization, transforming its production profile.
In 1985, 55 percent of Mexican exports were oil and 38 percent manufacturing. In 2015, the proportion of oil exports was just 6 percent, with manufacturing accounting for 89 percent.

President Enrique Peña Nieto agreed with US President Barack Obama, and the rest of the leaders that it is important to give the next US administration time to assess the merits of the TTP.

Source: Presidency of the Republic of the United Mexican States